The average UK house price saw its biggest annual fall in nearly 14 years in May, Britain’s biggest building society has said.
According to the Nationwide Building Society, property values fell by 3.4 percent annually in May, marking the biggest drop seen since July 2009, when an annual fall of 6.2 percent was recorded.
The average house price fell by 0.1 percent month on month, following a 0.4 percent monthly increase in April.
The average UK house price in May was £260,736, according to Nationwide’s index.
Declining Mortgage Approvals
Robert Gardner, Nationwide’s chief economist, said: “Average prices remain 4 percent below their August 2022 peak. Recent Bank of England data had shown some signs of recovery in housing market activity, although the number of mortgages approved for house purchase in March was still around 20 percent below pre-pandemic levels.”…