UK HOUSE PRICES EXPERIENCE ANNUAL FALL FOR THE FIRST TIME IN A DECADE, DATA SHOWS – THE GUARDIAN

Price of average home in May was 1.1% lower than in same month last year, according to Halifax figures.

UK house prices have experienced their first annual fall in more than a decade, according to Halifax, in a sign that the impact of soaring interest rates on household budgets has brought a halt to the country’s long housing boom.

The price of the average home last month was 1.1% lower in May than in the same month last year, marking the first time that prices have fallen year-on-year on the lender’s monthly report since December 2012.

The slump in the market has been precipitous over the past year – last summer Halifax had the annual rate of growth was running at more than 12% – as rampant inflation, which remains at 8.7%, and 12 increases in a row in the UK base interest rate wreak havoc on the mortgage market.

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