The UK housing market sees weak activity caused by rising interest rates, pushing mortgage rates above 6 percent for home buyers and existing mortgagors looking to refinance.
British house prices fell by the most since 2009 in the 12 months to July, according to mortgage lender Nationwide, as the drag from rising interest rates on the housing market intensified.
Compared with July last year, the average house price was down by 3.8 percent after a 3.5 percent annual fall in June, Nationwide said on Tuesday.
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