UK house prices contracted at the fastest annual pace since 2009 in August as the impact of higher interest rates hit the property market, according to the mortgage provider Nationwide.
The average house price fell 5.3 per cent last month compared with the same period last year, down from a 3.8 per cent contraction in July and the sharpest fall since July 2009, new data showed on Friday.
House prices were down 0.8 per cent between July and August, taking the average property cost to £259,153, down from a recent peak of £274,000 in August last year.
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