UK House Prices Slide at Sharpest Annual Pace Since 2012
- Jump in mortgage rates has cooled interest from buyers
- Bleak outlook with economic slowdown and squeeze on wages
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UK house prices fell at their sharpest annual pace since 2012 last month, steepening a downturn sparked by a jump in mortgage rates.
The average cost of a home fell 1.1% from a year ago last month after a gain of the same size in January, Nationwide Building Society said Wednesday. It marked the sixth consecutive monthly drop in prices and the first annual decline since June 2020.