UK house prices fall for first time this year amid rising mortgage rates
Key points
- House prices fell in the UK for the first time this year in May, as rising interest rates triggered by the war in Iran hurt homebuyer demand.
- The price of the average UK home dropped 0.6% in May compared with the month before, according to the lender Nationwide.
- The typical house price was 1.7% higher than the same point last year, at ÂŁ278,024. However, that marked a slowdown from an annual growth rate of 3% in April.
- Robert Gardner, the chief economist at Nationwide, said a âloss of momentum was to be expectedâ given uncertainty caused by conflict in the Middle East and the subsequent rise in energy prices and market interest rates.
- Mortgage rates have broadly risen across the market in recent months.
Quick Summary
House prices fell in the UK for the first time this year in May, as rising interest rates triggered by the war in Iran hurt
Why It Matters
This development is important because it may impact public opinion, policy decisions, and future developments related to UK house prices fall for first time this year amid rising mo.
Key Takeaways
- House prices fell in the UK for the first time this year in May, as rising interest rates triggered by the war in Iran hurt homebuyer demand.
- The price of the average UK home dropped 0.6% in May compared with the month before, according to the lender Nationwide.
- The typical house price was 1.7% higher than the same point last year, at ÂŁ278,024.
- However, that marked a slowdown from an annual growth rate of 3% in April.
- Robert Gardner, the chief economist at Nationwide, said a âloss of momentum was to be expectedâ given uncertainty caused by conflict in the Middle East and the subsequent rise in energy prices and market interest rates.
đ Source: The Guardian
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