March 1, 2023: U.K. house prices saw their sharpest annual decline since 2012 in February, according to Nationwide.
Christopher Furlong | Getty Images News | Getty Images
LONDON — U.K. house prices fell by 1.1% annually in February, their first annual decline since June 2020 and the sharpest contraction since November 2012, according to a widely-watched report from building society Nationwide.
February saw a 0.5% month-on-month fall, with prices now 3.7% lower than their August 2022 peak as higher mortgage rates and a cost-of-living crisis continued to deter homebuying.
“The recent run of weak house price data began with the financial market turbulence in response to the mini-Budget at the…