British house prices last month dropped in annual terms for the first time in nearly three years, falling by 1.1% compared with February 2022, mortgage lender Nationwide said, adding to signs of a slowdown in the housing market
With inflation still above 10% and borrowing costs rising, the house price fall represented the first annual drop since June 2020 - early in the coronavirus pandemic - and the biggest such decrease since November 2012, Nationwide said.
Compared with January, prices were down by 0.5% for the sixth month-on-month fall in a row, the longest such run since one beginning in 2007 and ending in 2009. Economists polled by Reuters had expected prices to fall by 0.9% from a year earlier and by 0.4% in monthly terms.Official interest rates have been on a steep rise since late 2021 and the mortgage market suffered major disruption in late September and October following former prime minister Liz Truss's "mini budget", which pushed up market borrowing costs.
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