6/7, 8:03 AM (Source: TeleTrader)
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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.

Baha Breaking News (BBN) / MS