UK house prices decline after nearly three years

UK house prices fell for the first time in nearly three years, decreasing by 0.4% year on year to an average of £298,468 in August, according to Lloyds. Higher mortgage rates, geopolitical tensions, and affordability issues have caused buyers to hesitate and sellers to remain reluctant, resulting in a subdued market. The downturn is particularly notable in London and the south, while Northern Ireland and parts of Scotland and Wales experienced modest growth.

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