London, February 01 (QNA) – House prices in Britain decreased by 0.6 percent in January, declining for the fifth month in a row.
Nationwide Bank, one of the largest banks operating in the mortgage sector, stated in a report today that the average home price fell to just over GBP 258,000 in January.
It pointed out that the increase in interest rates and the lack of purchasing power are among the most important challenges facing real estate buyers in the short term.
The bank ruled out that the real estate market will regain its momentum in the short term, indicating that the economic difficulties are likely to continue with the price inflation that devours household budgets.
House prices fell by 1.5 percent in December, while experts in the real estate market believe that the demand for home purchases will continue to decline, in light of expectations that the Bank of England will raise interest rates on Thursday.
The high annual inflation rate in the United Kingdom, which reached 11.1 percent in October, contributed to the escalation of the cost of living crisis and the occurrence of a wave of strikes by workers seeking to raise wages to keep pace with rising food and energy prices. (QNA)
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