UK’s housing prices fell by 3.8% in July

In July, the UK suffered the biggest home price drop since 2009 as prices fell by 3.8% compared to Jul 2022 due to soaring interest rates.

Higher interest rates pushed mortgage rates above 6% for home buyers and mortgagors looking for refinancing possibilities.

First-time home buyers with a 20% down payment will usually have mortgage payments equal to 43% of their take-home pay.

As a result, housing market activity has slowed down in recent months.