House prices fell by 5.3 annually in August, taking the average property value to £259,153, Nationwide Building Society said.
The average UK house price fell in August at the sharpest annual rate seen in 14 years, according to an index.
“For example, mortgage approvals have been around 20% below the 2019 average in recent months and mortgage application data suggests the weakness has been maintained more recently. Mr Gardner added that property purchases using cash have been “remarkably resilient, while purchases involving a mortgage have slowed much more sharply”.
“Indeed, a first-time buyer earning the average wage and buying a typical first-time-buyer property with a 20% deposit would now see their monthly mortgage payment absorb over 40% of their take-home pay – well above the long-run average of 29%.”Chris Druce, senior research analyst at estate agent Knight Frank, said: “The Bank of England’s rate setting decision later this month, and the messaging around it, will be a key moment for the UK housing market.
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