Housing prices in the UK fell by 3.8 percent in July, the steepest drop in 14 years.
It was reported that house prices in the UK decreased by 3.8 percent in July this year.
In the statement made by the housing finance institution Nationwide, it was announced that the housing prices in the country decreased by 3.8 percent on an annual basis in July of this year, the hardest drop since July 2009.
In the statement, it was stated that housing prices in the country decreased by 0.2 percent on a monthly basis in July of this year, while the average price of a house in the country decreased to 260 thousand 828 pounds with this decrease.
Nationwide Chief Economist Robert Gardner, whose evaluations are included in the statement, stated that the increase in policy rates in recent months has made it increasingly difficult for consumers who plan to own a home.
After inflation remained sticky at 8.7 percent in May, the BoE increased its policy rate by 50 basis points from 4.50 percent to 5 percent.
Markets expect the Bank of England to raise the policy rate from 5 percent to 5.25 percent, the highest level in the last 15 years.