UK home prices saw drop of 3.1%

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.