Building society warns of ‘strengthening headwinds’ with high interest rates continuing for longer
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UK house prices fell at the fastest annual rate in nearly 14 years in May, as Nationwide building society warned that “headwinds” for the housing market were likely to increase in the coming months as high inflation fuels expectations of further interest rate rises.
Prices decreased by 3.4% in the 12 months to May compared with 12 months earlier – representing the biggest drop seen since July 2009, when an annual fall of 6.2% was recorded. The steep drop follows tentative signs of improvement in April, when they showed a shallower slide of 2.7%.
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