Economic news

UK property prices dropped in May as the market is pressured

Britain’s prices on houses dipped this month as a struggling economy, squeeze on family budgets and potential hike in interest rate weighed on the market.

Nationwide’s data demonstrates that prices decreased 0.2% compared to last month, which means three slumps in the span of four months. Yearly figures show that price rose at a lesser pace of 2.4%, while April’s reading was 2.6%. Hardly anything promises a change in the near future, said Robert Gardner of the building society.

The number of customer inquiries is on the wane, and new properties do not flood the market, he also said.

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