House prices see biggest yearly decline since 2009

House prices fell by 5.3% successful August compared with the twelvemonth before, their biggest yearly diminution since 2009, according to Nationwide.

The gathering nine said the driblet represented a autumn of £14,600 connected a emblematic location successful the UK since location prices peaked successful August 2022.

It said higher borrowing costs for buyers had led to a slowdown successful enactment successful the lodging market.

Mortgage approvals person besides been astir 20% beneath mean levels successful 2019.