UK house prices fell at their fastest annual pace for nearly 14 years in May, the Nationwide has said.

According to a report on the BBC the building society said prices in the year to May fell by 3.4%, the biggest fall since July 2009.

House prices edged down by 0.1% in May itself, the Nationwide said, and the average property price now stands at £260,736.

Average prices are still 4% below their August 2022 peak, it added.