UK house prices are falling at the fastest annual rate since the aftermath of the banking crisis, new figures released today have shown.
The Nationwide Building Society's monthly market monitor found that the average price of a home fell by more than expected and by the most since mid-2009 during March, as rising interest rates and wider economic uncertainty continued to take their toll. It marks the seventh consecutive month of declines.
The monthly decline of 0.8 per cent leaves prices 4.6% below their August peak, while the annual decline of 3.1% was the biggest since July 2009. Economists had been expecting an annual decline of 2.2%.
The average UK house price in March was £257,122.
In terms of price growth, Scotland remained the weakest of all the UK countries and regions. All areas recorded slowing growth, and most reported small year-on-year falls.
“The housing market reached a turning point last year as a result of the financial market turbulence which followed the mini-Budget," Nationwide chief economist Robert Gardner said.
"Since then, activity has remained subdued – the number of mortgages approved for house purchase remained weak at 43,500 cases in February, almost 40% below the level prevailing a year ago."
Scottish hotel up for sale after liquidator appointed
A hotel in Aberdeenshire has been put up for sale after falling into liquidation amid surging energy prices, with offers over £395,000 sought.
Finnieston flats plan decision made after appeal
Plans for 59 flats at Finnieston in Glasgow have been approved, following an appeal to the Scottish Government. The brownfield site, at 131 Minerva Street, currently comprises a vacant office building and car park.
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