House prices in Britain are falling at the highest rate in more than two years!

Recently released data indicated that the prices of new properties offered for sale in the United Kingdom decreased, at the highest pace in nearly two and a half years, by 1.3% in August.

This led to a decline in the pace of real estate price growth in Britain from 9.3% to 8.2% annually, according to “Right Move” data, and house prices in London, the British capital, witnessed the largest decline in the country.

Experts attributed the reason for the decline in real estate prices in Britain to two main factors, the first is that buyers are busy at this time in the summer holidays, and the second and most influential is the high-interest rate and concern about high price levels in Britain raised the pressures on the real estate market strongly.