U.K. house prices fell for the first time in almost two years in March, according to the latest report from Nationwide Building Society.
The 0.3 percent monthly drop, the first decline since June 2015, pulled the annual rate down to 3.5 percent from 4.5 percent. That’s the weakest year-on-year increase in values since August 2015.
While there’s monthly volatility in price changes, the underlying trend is showing the U.K. housing market cooling. The annual increase was close to 6 percent a year ago.
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