House prices fall at fastest rate since 2009

By Carl Brown2023-09-01T09:01:00

Nationwide says rise in borrowing costs are having an impact on the market

House prices fell in August at their fastest annual rate for 14 years, according to Nationwide.

The building society’s latest index shows average prices are 5.3% lower than they were in the same month last year. The drop, which followed a 3.8% annual drop in July, is the biggest since July 2009.

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