European stocks march higher as markets open
Nationwide data released this morning shows UK house prices fell at the fastest rate since the financial crisis, my colleague Julia Kollewe writes.
It came as would-be buyers said they would wait six months before returning to the housing market.
The average price of a home dropped 1.7% in May from the previous month to £218,902, according to
Nationwide Building Society, one of the UK’s largest mortgage lenders. This comes after April’s 0.9% gain and is the the biggest monthly fall since February 2009.
The annual growth rate slowed to 1.8%, down from 3.7% in April and the slowest since December.
Nationwide said potential buyers were now planning to wait six months on average before looking to enter the market, and that 12% of the population had put off moving because of the lockdown.
Robert Gardner, Nationwide’s chief economist, said:
The raft of policies adopted to support the economy, including to protect businesses and jobs, to support peoples’ incomes and keep borrowing costs down, should set the stage for a rebound once the shock passes, and help limit long-term damage to the economy.