THE TELEGRAPH: Property values are now down 5.3pc from their peak, as interest rate rises bite
House prices have fallen by close to £15,000 in the biggest annual slump for 14 years.
Property values are down 5.3pc from their peak in August last year, leaving the market in its weakest state since 2009, new figures show.
Economists warned the drop marked the start of further “significant” falls to come.
A typical home has lost £14,600 of its value in the past 12 months, following a sharp rise in mortgage rates and a cooling in the market, according to Britain’s biggest building society Nationwide. » | Tom Haynes | Friday, September 1, 2023
