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UK Nationwide house prices unexpectedly fall on month in May

Staff Writer |
UK house prices dropped unexpectedly in May, figures from Nationwide Building Society revealed Thursday.

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House prices decreased 0.2% on a monthly basis in May, in contrast to an increase of 0.1% in April. Economists had forecast an increase of 0.2% in May.

On a yearly basis, house price growth eased to 2.4% in May from 2.6% a month ago. Prices were expected to gain 3%.

Looking further ahead, much will depend on how broader economic conditions evolve, especially in the labour market, but also with respect to interest rates, Robert Gardner, Nationwide's chief economist, said.

Overall, house prices are forecast to rise by around 1% over the course of 2018, Gardner said.

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