00:00House prices have fallen for the first time in almost three years, according to Lloyds.
00:06The lender says prices were 0.4% lower in August than a year earlier,
00:11with the average home costing almost £300,000.
00:15It says higher mortgage rates, uncertainty and stretched affordability are holding back buyers.
00:21Mortgage approvals are also at their lowest level since the start of 2024.
00:26But the picture varies between areas.
00:29Prices rose in the northeast and northwest, while London and the southeast recorded falls.
00:35Lloyds says sellers are reluctant to accept lower offers, while some buyers are waiting.
00:40The market is expected to remain subdued in the coming months.
