UK house prices have recorded their first annual decline since November 2023, according to the latest lender data, marking a decisive shift in a market that had spent much of the past 18 months in cautious recovery mode. The figures show prices falling by 0.1% year-on-year, a modest but symbolically important reversal after months of tepid growth in the 1-2% range. Commentators have described the current market as "subdued", a characterisation that will resonate with estate agents from Newcastle to Surrey who have watched transaction volumes stagnate even as mortgage rates edged down from their 2023 peaks.