Belfast Telegraph

House prices fall for third month in row

By Vicky Shaw

Average house prices in the UK recorded their third monthly decrease in a row in May - the first time this has happened since 2009 - according to an index.

Nationwide Building Society said values dipped by 0.2% month-on-month in May, following a 0.4% decrease in April and 0.3% in March.

Across the UK, the average price was £208,711 in May, marking a 2.1% year-on-year increase. There was no separate information on Northern Ireland.

A year earlier price growth was more than double this rate at 4.7%.

Robert Gardner, Nationwide's chief economist, said it is too early to know whether the slowdown is "merely a blip", a reflection of the squeeze on household budgets, or is due to mounting affordability pressures in key areas.

He said the subdued level of building activity and the shortage of properties on the market are likely to help hold prices up.

Belfast Telegraph