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UK house prices recorded their first annual decline in nearly three years in August as higher borrowing costs and economic uncertainty weighed on buyer demand, according to new data from Lloyds.
House prices fell 0.4% year-on-year in August, marking the first annual drop since November 2023. The decline was weaker than economists’ expectations in a Reuters poll, which had forecast a 0.2% increase.
On a monthly basis, British house prices slipped 0.2%, compared with expectations for a 0.1% gain. Lloyds also revised July’s reading to show a 0.1% decline instead of the previously reported 0.1% increase.
Andrew Asaam, mortgages director at Lloyds, said the UK housing market has faced increasingly challenging conditions as global developments, including the U.S.-Iran war, have contributed to inflation pressures, higher borrowing costs and broader economic uncertainty.
Rather than sharply reducing asking prices, many homeowners are choosing to wait for better market conditions. Sellers remain reluctant to accept lower offers, while some prospective buyers are delaying purchases to see whether mortgage rates improve.
The Lloyds figures contrast with data from Nationwide Building Society, which reported that UK house prices increased 1.6% annually in August and rose 0.2% from the previous month.
Capital Economics deputy chief economist Ruth Gregory expects further pressure on property prices as market interest rates rise. She said typical rates on two-year fixed mortgages could approach 5% in September, up from about 4.8% in July.
Capital Economics forecasts UK house prices will largely stagnate during the final four months of 2026. Despite the recent weakness, prices are still expected to finish the fourth quarter around 1.5% higher than a year earlier.
Official Office for National Statistics data also point to slowing momentum. UK house prices increased 2.0% in the 12 months through June, down from annual growth of 3.0% in May, highlighting the cooling conditions facing Britain’s property market.
