March 31, 2023

In March, UK house prices experienced their steepest decline since 2009, with an annual fall of 3.1%, surpassing the 2.2% drop forecasted by economists. Data from Nationwide, a mortgage provider, revealed the extent of the negative impact of high inflation and increasing borrowing costs on the property market. House prices in March fell more than expected, with a 3.1% annual decline compared to the 1.1% decrease in the previous month. This marked the most significant year-on-year drop since July 2009. Property prices also experienced a larger-than-anticipated fall of 0.8% between February and March, continuing the uninterrupted decline seen since last