U.K. House Price Index (HPI) dropped 1.7% which is the biggest decline since February 2009
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U.K. House Price Index (HPI) dropped 1.7% which is the biggest decline since February 2009
As stated in Nationwide Building Society report - "UK house prices fell by 1.7% over the month in May, after taking account of seasonal effects – this is the largest monthly fall since February 2009. As a result, the annual rate of house price growth slowed to 1.8%, from 3.7% in April. In the opening months of 2020, before the pandemic struck the UK, the housing market had been steadily gathering momentum. Activity levels and price growth were edging up thanks to continued robust labour market conditions, low borrowing costs and a more stable political backdrop following the general election".
official source..