Average UK house price falls annually in August to £298,468
- The average UK house price fell annually by 0.4 per cent in August to £298,468, marking the first year-on-year decrease since November 2023, according to Lloyds.
- Month-on-month property values dropped by 0.2 per cent in August following a 0.1 per cent fall in July, though overall prices remain 0.2 per cent higher than at the start of the year.
- Northern Ireland recorded the strongest annual growth at 6.9 per cent to reach a record average of £231,245, whereas price growth across much of southern England remained under pressure.
- Andrew Asaam, mortgages director at Lloyds, noted that sellers are choosing to sit tight rather than rush to cut prices, with values remaining around 25 per cent higher than in late 2019.
- Industry experts warned that stretched affordability and fluctuating mortgage rates continue to constrain buyer activity, urging sellers to set realistic asking prices.
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