Just a few months ago, the UK housing market seemed to be finding its footing. That hope has since faded. In June, house prices fell to their lowest rate in over two years, according to new figures from Nationwide Building Society. This surprised economists who had been expecting a small uptick. The decline follows the government’s April decision to raise transaction taxes—a move that’s added to the burden for buyers already grappling with high borrowing costs.

On this week’s In the City, host Allegra Stratton is joined by Bloomberg Opinion columnist Marcus Ashworth and European real estate reporter Damian Shepherd to examine the UK housing market’s slowdown—and what might come next.