UK house prices drop most since 2023
British house prices fell at their fastest annual pace in three years during October according to Lloyds. Surging mortgage costs and renewed inflationary pressures squeezed prospective buyers.
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British house prices fell 1.2% year-on-year in October, marking the steepest annual decline since October 2023, data from LLOYDS BANKING GROUP PLC showed on Friday morning. The drop exceeded all forecasts in a Reuters poll of economists, following a 0.6% monthly contraction. The property market slowdown coincides with surging borrowing costs driven by the conflict in Iran, squeezing prospective buyers across the United Kingdom.
