UK house prices fall in August despite interest rate cut

Nationwide Building Society said last Friday that UK house prices fell by 0.2% in August, the first decline since April.

The price decline was contrary to expectations that indicated a 0.2% increase.

These figures come despite the Bank of England cutting interest rates at the beginning of August, according to Al Arabiya.

The company stated that house prices increased by 2.1% in July on an annual basis, the fastest pace since late 2022, with the average cost of a house reaching 265,000 pounds sterling.