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UK home prices saw biggest drop of 3.1% than any other EU country from January-March
Posted on July 7, 2023 |
In the first 3 months of 2023, UK home prices fell annually by 3.1% compared with a 1% drop in Germany, a 2.7% rise in France, 1.1%, and a 3.1% rise in Italy and Spain.
Consumer price inflation is at 8.7%, higher than the Bank of England’s target of 2%, and core inflation soared to 7.1%, the highest rate since 1992.
Mortgage rates also doubled, with the average 2-year fix now at 6.47% compared with 3.25% in 2022
Global home prices have risen at the slowest annual pace since 2015 and across 56 markets, home price growth slowed to 3.6% in the first quarter of the year.