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United Kingdom Housing May 2020

United Kingdom: House prices fall at fastest rate in over eleven years in May

According to the Nationwide Building Society (NBS), house prices in the United Kingdom fell 1.7% month-on-month in May, contrasting April’s 0.9% increase and marking the sharpest decline since February 2009. The decline was driven by Covid-19 and associated containment measures hurting housing demand. On an annual basis, house prices rose 1.8%, down from April’s 3.7% increase. The average house price in May was GBP 218,902 (May 2019: GBP 214,946).

Looking ahead, house prices will likely remain soft in the near term due to increased uncertainty and a weaker labor market.

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