UK house prices have fallen for the third consecutive month this May, marking the biggest sustained decline since the financial crisis of 2009, according to a report from Nationwide Building Society. The number of homes sold in May fell by more than half on an annual basis compared with April, and was down almost 6% year-on-year at 547,900, while sales were up just 1% 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.
UK house prices have fallen for the third consecutive month this May, 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% month-on-month in May, 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.