Compared with July last year, the average house price was down 3.8% after a 3.5% annual fall in June, Nationwide said.House prices fell 0.2% month-on-month, Nationwide said.
The survey chimed with other gauges of the housing market that point to weak activity caused by rising interest rates which have pushed mortgage rates above 6% for home buyers and existing mortgagors looking to refinance. Nationwide chief economist Robert Gardner said the typical first-time buyer with a deposit of 20% would see mortgage payments at current rates account for 43% of their take-home pay - up from 32% a year ago.
"This challenging affordability picture helps to explain why housing market activity has been subdued in recent months," Gardner said.
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