British house prices fell by the most since 2009 in the 12 months to July, mortgage lender Nationwide said on Friday, as the drag from rising interest rates on the housing market intensified.
Compared with July last year, the average house price was down 3.8% after a 3.5% annual fall in June, Nationwide said.House prices fell 0.2% month-on-month, Nationwide said.
The survey chimed with other gauges of the housing market that point to weak activity caused by rising interest rates which have pushed mortgage rates above 6% for home buyers and existing mortgagors looking to refinance. Nationwide chief economist Robert Gardner said the typical first-time buyer with a deposit of 20% would see mortgage payments at current rates account for 43% of their take-home pay - up from 32% a year ago.
"This challenging affordability picture helps to explain why housing market activity has been subdued in recent months," Gardner said.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
WHAT YOU MISSED: Top San Diego news stories July 24 - July 29You likely knew about the recent heat wave and advisories -- but take a look at this story for a roundup of articles relevant to the San Diego area you may have missed last week.
Read more »
Cardano (ADA) Price Analysis for July 30When can traders expect an upward move of ADA? CardanoStiftung ADAcoin_ Cardano cardano Cardano_ emurgo_io CardanoCommunity
Read more »
Binance Coin (BNB) Price Analysis for July 30How long will the sideways trading of BNB last? Dave_Jonez_02 BNB Pain_Alive_BNB Binance_DEX BinanceResearch
Read more »
Despite Nationwide Protests, Netanyahu Government Passes 'Judicial Coup' Bill'The damage is enormous,' a former Bank of Israel governor told demonstrators in Tel Aviv as the Knesset gave final approval of a key component of the highly contentious judicial overhaul.
Read more »
BTC, ETH and XRP Price Analysis for July 31Which top coin is ready for a bounce back soon? XrpYoyo ANT159694954 nuonrg WillyWonkaXRP RippleXrpie boncryp crypto Ethereum ETH $ETH cryptoexchange VitalikButerin ethereum
Read more »
July 2023 Set To Be Hottest Month On Record - CleanTechnicaBonn and Geneva, 27/07/2023 (Copernicus and WMO) - According to ERA5 data from the EU-funded Copernicus Climate Change Service (C3S)
Read more »