UK house prices declined at the fastest pace in more than 14 years in August as rising borrowing costs continue to dampen housing market activity, data published by the Nationwide Building Society showed on Friday.
UK house prices declined the most since 2009 in May, and mortgage approvals and lending dropped in April, indicating deterioration in the housing market activity amid the rising interest rates.
After flattening in February, UK house prices increased in March due to a jump in the larger home top-of-the-ladder sector, property website Rightmove said Monday.