Figures for the Nationwide have shown house prices slid 2.5% in May - the biggest monthly fall recorded by the building society.
The average house lost almost £5,000 in value, to £173,583, over the month, leaving average prices 4.4% lower than a year ago.
May’s drop represents a seventh successive month of falls - the longest consecutive period of decline since 1992 - as fears over the economy grow, Nationwide added.
The figures were much worse than the 0.5% monthly fall expected by leading economists.
The annual decline is also the biggest since December 1992 when house prices were falling at an annual rate of 6.3%.
Fionnuala Earley, Nationwide’s chief economist, said: “The pace of house price falls accelerated in May as more weak economic news added to the gathering momentum of negative sentiment about the housing market.”
2 Comments
the “have it now” generation are about to be screwed…. big time
may have dropped last year by 4.4% but how much are they still up over last 5 years a drop over 1 year but are still vastly up over last 5 years