House prices see largest monthly fall for 11 years, says Nationwide

House prices see largest monthly fall for 11 years, says Nationwide

HeatAndCool.com

Lots of mortgage holders have deferred payments during the coronavirus outbreak
Lots of mortgage holders have deferred payments during the coronavirus outbreak

BBC

House prices fell 1.7% in May from the previous month, the largest monthly fall for 11 years, according to the Nationwide.

Annual house price growth halved from 3.7% to 1.8%, as the coronavirus crisis hit market activity.

The latest HMRC data showed that residential property transactions fell 53% in April compared with 2019.

“The medium-term outlook for the housing market remains highly uncertain,” the Nationwide warned.

“We have already seen a sharp economic contraction as a result of the necessary measures adopted to suppress the spread of the virus,” said Robert Gardner, Nationwide’s chief economist.

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