UK sees weakest annual house price growth since 2012

UK location prices fell by 1.1% successful the twelvemonth to February, arsenic higher owe rates and surviving costs continued to marque homes little affordable.

Aside from a tiny driblet astatine the commencement of the pandemic, this was the archetypal yearly autumn successful spot values since November 2012, according to Nationwide.

Prices slipped connected a monthly ground too, falling by 0.5% from January.

The gathering nine said it would beryllium "hard for the marketplace to regain overmuch momentum successful the adjacent term".

"Economic headwinds look acceptable to stay comparatively strong, with the labour marketplace wide expected to weaken arsenic the system shrinks successful the quarters ahead," said its main economist Robert Gardner.

He added that owe rates remained "well above" the lows seen successful 2021.