According to the data, housing prices in the UK fell 0.2% month-on-month in August, a year-on-year decline of -0.4%, the first time since November 2023. Behind the decline was economic uncertainty which led potential buyers to wait and see. Last week's data showed that mortgage approvals fell to their lowest level since the beginning of 2024. The average house price is currently £298,468, down from £299,153 in July. Andrew Asaam, head of mortgage business at Lloyds Bank, said that the market is expected to remain quite sluggish in the next few months, but the impact on housing prices may be limited. Continued wage growth and better employment than expected will support buyers in need of a home exchange.

According to the data, housing prices in the UK fell 0.2% month-on-month in August, a year-on-year decline of -0.4%, the first time since November 2023. Behind the decline was economic uncertainty which led potential buyers to wait and see. Last week's data showed that mortgage approvals fell to their lowest level since the beginning of 2024. The average house price is currently £298,468, down from £299,153 in July. Andrew Asaam, head of mortgage business at Lloyds Bank, said that the market is expected to remain quite sluggish in the next few months, but the impact on housing prices may be limited. Continued wage growth and better employment than expected will support buyers in need of a home exchange.