UK house prices fall at sharpest rate for 14 years, says Nationwide

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UK house prices dropped at their fastest annual pace for 14 years in July, according to Nationwide.

The building society said prices dropped by 3.8%, which is the biggest decline since July 2009.

Nationwide said mortgage interest rates remain high, making affordability a challenge for house-buyers.

Mortgage costs hit the highest level for 15 years in July as lenders grappled with inflation and uncertainty over rates set by the Bank of England.

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