House prices fall at fastest pace in nearly 14 years, says Nationwide

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.