29 May

House prices fall by 2.5 per cent

House prices fall by 2.5 per cent

House prices fell by 2.5 per cent this month, according to the latest data from Nationwide, taking the average property price in the UK to £173,583.

The building society found that house prices are 4.4 per cent lower year-on-year, but are still five per cent higher than two years ago.

Fionnuala Earley, Nationwide's chief economist, noted that this latest dip represents the longest consecutive period of monthly falls since 1992.

However, she stated: "A further fall in house prices in May was not unexpected, and for most of those not wishing to move house or borrow money secured on it, the fall in value of their home is likely to be of limited concern in the short term."

For the majority homeowners the recent house price falls will simply eat into the large gains they have made in recent years, although those who bought at the peak of the cycle are likely to be affected, Ms Earley added.
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