Economic Buzz: UK house prices drop for first time in 4 months

UK house prices decreased for the first time in four months in September as concerns over potential tax increases weighed on the property market activity, the mortgage lender Halifax said Tuesday.

House prices fell 0.3 percent on a monthly basis, in contrast to the 0.2 percent increase in August. Prices dropped for the first time since May and confounded expectations for an increase of 0.2 percent.

The average property price in September stood at GBP 298,184. Year-on-year, house prices growth eased to 1.3 percent from 2.0 percent in August. This represented the slowest annual growth since April 2024.

The Bank of England had reduced the rate five times since August 2024, bringing it to the lowest since early 2023.

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