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Biggest drop in UK annual house prices since 2009, with market ‘facing strengthening headwinds’ – business live

Nationwide reports that UK annual house price growth fell to -3.4% in May, from -2.7% in April, but hopes for a ‘soft landing’

Chris Druce, senior research analyst at estate agent Knight Frank, says further interest rate increases will act as a ‘brake’ on the housing market:

“With fewer transactions at the start of the year due to the uncertainty caused by the mini-Budget, UK house price data has oscillated in recent months. However, today’s figures from Nationwide suggest that we’ve entered into a more stable period.

“There is still an element of price exploration playing out in the residential property market, as buyers and sellers adapt to the reduction in spending power that has occurred due to the significant increase in borrowing costs over the last 18 months.

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Please note that all views in posts that are not from the BSL Editorial Team are not opinions of the company and do not represent us in any form. All Non-Editorial articles are intended to be purely informational and should not be treated as fact.

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