TELETRADER News
6/7, 8:03 AM
(Source: TeleTrader)
UK house prices down 1% in May
House prices in the United Kingdom decreased by 1% in May on an annual basis, the Halifax House Price Index report showed on Wednesday. The reading was negative for the first time since December 2012.
Month-on-month, house prices were nearly unchanged with the average house price standing at £286,532. In the March to May quarter, the prices were up 1.3% compared to the prior three-month period.
"Given the effectively flat month, the annual decline largely reflects a comparison with strong house prices this time last year, as the market continued to be buoyant heading into the summer," Halifax Mortgages Director Kim Kinnaird noted in the report.