House prices fell for a third month in a row in May, registering the biggest sustained decline since the post-crisis slump of 2009. The data, from Nationwide Building Society, saw prices across the country dropping by 0.2 percent month-on-month in May. This followed falls of 0.2pc and 0.3pc in April and March respectively.. House prices are still a narrow 2.1pc higher than at this time last year, but this figure is the smallest measure of growth in four years. Nationwide said the data "provides further evidence that the housing market is losing momentum". The lender's economist Robert Gardner said "Moreover, this may be indicative of a wider slowdown in the household sector, though data continues to send mixed signals in this regard." It attributed the weakening in the market to uncertainty around Brexit and the election as well as a rise in living costs and an affordability squeeze caused by historically high prices relatives to incomes. But "subdued" building would limit supply to the market and could provide support, Mr Gardner said. He cited high levels of employment as further support. “While real incomes are again coming under pressure as inflation has overtaken wage growth, the number of people in work has continued to rise at a healthy pace. Indeed, the unemployment rate fell to a 42-year low in the three months to March.
UK house prices have fallen for the third consecutive May this month, marking the biggest sustained decline since the financial crisis of 2009, according to a report from Nationwide Building Society. Prices across Britain fell by 0.2% May-on-May in month, following falls of 0.2% and 0.3% in April and March respectively. The report pointed to uncertainty surrounding Brexit and the upcoming general election, as well as a rise in living costs, as the reasons for house price cooling.