UK House Prices Fall for First Time Since 2023

House prices in the UK have dropped for the first time since 2023, according to new data from Lloyds Bank. The average price of a home is now £298,468, the lowest it's been since December.

This presents an opportunity for first-time buyers to get on the property ladder, as 'horribly high prices' have made it difficult for them in the past, says Sarah Coles, head of personal finance at AJ Bell.

However, mortgage rates remain high and are expected to increase further. The Bank of England will make its next interest rates announcement on September 17, which will impact mortgage rates.