UK house prices rose at a much slower than expected pace at the start of the year, and prices fell from the previous month, results of the Nationwide survey showed, as buyer demand was damped by the prospect of reduced real earnings and higher mortgage rates as many households reel under the pressure of the cost-of-living crisis that is the worst in several decades.
The house price index rose 1.1 percent year-on-year following a 2.8 percent increase in December, survey results from the Nationwide Building Society showed Wednesday. Economists had forecast a 1.9 percent gain.
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by Jyotsna V
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