UK house prices fall for first time in three months

Average cost of a home is now £261,142 - 4.6 per cent below the peak recorded in late 2022

Northern Ireland enjoyed a 4.6 per cent surge in house prices, the strongest region in the survey. Picture: Getty

UK house prices fell for the first time in three months, suggesting the market may be stagnating due to high mortgage rates and strained affordability.

Nationwide Building Society said the average price of a home dropped 0.2 per cent last month after 0.7 per cent gains in each of the two previous months. Economists had expected a small increase on the month.

Britain’s property market has defied expectations for a sharp drop in prices last ...