UK house prices fall more than expected in May

UK house prices experienced a larger-than-anticipated decline last month, marking the most significant quarterly drop in nearly a year. According to Halifax, the average property price fell by 0.4% in May to £296,648, exceeding the expected 0.1% decrease. This decline follows a 0.3% rise in April, resulting in a quarterly change of -0.3%, the steepest since June last year. In London, house prices have increased by just 1.2% year-on-year; however, the capital remains the most expensive part of the UK housing market, with the average home priced at £542,017. The annual rate of house price growth also slowed to 2.5% in May, from 3.2% in April. Amanda Bryden, head of mortgages at Halifax, noted: "Despite ongoing pressure on household finances, the housing market has shown resilience."

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