High rise apartments under construction can be seen in the distance behind a row of residential housing in south London, Britain, August 6, 2021.
High rise apartments under construction can be seen in the distance behind a row of residential housing in south London, Britain, August 6, 2021.
Henry Nicholls/Reuters/FILE
London CNN  — 

UK house prices last month saw their biggest annual decline since November 2012, in the latest sign of the lasting pain that the ill-fated “mini” budget conceived by former Prime Minister Liz Truss inflicted on Britain’s property market.

The average price of a house fell 1.1% to £257,406 ($310,000) in February compared with a year earlier, lender Nationwide said Wednesday. That took UK house price growth into negative territory for the first time since June 2020, when the housing market was virtually closed as a result of the pandemic.