UK house prices fall for first time in 17 months

British mortgage lender Nationwide recorded the first monthly fall in house prices for more than a year this month, causing the annual rate of house price growth to fall to an eight-month low.


A 'To Let' letting sign is seen displayed outside a rental property in an area that is popular for buy-to-let properties
Getty Images
A 'To Let' letting sign is seen displayed outside a rental property in an area that is popular for buy-to-let properties

Nationwide said that average house prices across Britain fell by 0.2 percent in September - the first drop in 17 months - after rising by 0.8 percent in August.

House prices are now 9.4 percent higher than a year earlier, the smallest increase since February and down from August's 11.0 percent growth rate.

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Correction: Reuters updated this story to show the drop was the first in 17 months.