House prices fall at fastest rate since 2009

By Daniel Gayne2023-06-01T10:30:00

Nationwide index for May also shows monthly decline of 0.1%

UK house prices have fallen at their fastest annual rate in nearly 14 years, according to the latest figures from Nationwide Building Society.

The building society revealed in its House Price Index (HPI) that prices in the year to May fell by 3.4%, the biggest fall since July 2009.

Month-on-month, prices dropped slightly by 0.1%, with the average property price now standing at £260,736. Average prices remain 4% below their August 2022 peak.

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