House prices are declining in the overwhelming majority of the UK, as stubbornly high mortgage costs start to bleed into values.
Four in every five local areas saw year-on-year price declines in September, according to property portal Zoopla. That’s up from about 1 in 20 as recently as six months ago, showing buyers and sellers are starting to adapt to the full force of higher interest rates. The figures are based on analysis of house sales in 378 local authorities such as London boroughs and county councils.
