House prices have fallen by 3.8% over the past 12 months, the largest year-on-year drop since the global financial crisis in July 2009.
Compared with the previous month, house prices fell by 0.2% in July, according Nationwide. The average house price in the UK is now £260,828, down from £262,239 in June.
Prices peaked last August at £273,751, the month before Liz Truss and Kwasi Kwarteng’s infamous “mini-Budget”.
Economists are split between those expecting prices to fall further, perhaps by double digits, and those predicting a “soft-landing”.
