UK House Prices See Biggest Annual Drop Since 2009 as Higher Rates Bite
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UK house prices fell 0.4% in September, the 6th consecutive monthly decline. Prices down 4.7% annually, the biggest drop since 2009.
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Falling prices reflect higher mortgage rates and weaker demand. Further declines expected into 2023 as rates remain elevated.
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All UK regions saw price declines, but the South East dropped most (-5.7%) while Northern Ireland fell just -0.2%.
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40% of mortgage holders and renters now finding payments difficult, up from 30% a year ago, ONS data shows.
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Global food prices fell again in September to 30-month low, but sugar prices jumped 10% and cereals rose 1%.