House prices fell at their fastest rate last month since the depths of the financial crisis more than a decade ago, a survey reveals today.
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The average cost of a home in the UK dipped by 1.7 per cent in May, knocking just over £4,000 from its value, according to lender Nationwide.
It was the biggest monthly fall since February 2009 when the market was reeling from the collapse of Wall Street bank Lehman Brothers.
The annual rate of increase has dropped from 3.7 per cent to 1.8 per cent, bringing the revival in the property market since the election in December to a juddering a halt.
The dip covered a month that started in full lockdown, with only a tiny handful of sales being carried out. However agents have reported a surge in activity since the Government allowed the property market to reopen on May 13.
David Westgate, chief executive at agency Andrews Property Group, said: “May was the ultimate month of two halves. No activity at all in the first half and a frantic hive of activity in the second as transactions resumed.
“It will be 2021 before the property market finally gets into its stride again but for now the level of transactions post-lockdown has been staggering.”
Tomer Aboody, director of property lender MT Finance, said: “Banks are eager to lend, with liquidity extremely high. Interest rates are at an all-time low and agents are reporting a positive uptick in applicants registering.”
Guy Gittins, managing director of agency Chestertons, said: “A 1.7 per cent drop in prices in a month is dramatic but not as steep as many had expected and prices still remain nearly two per cent higher than this time last year.”
https://www.homesandproperty.co.uk/property-news/house-prices-fall-monthly-lockdown-a138606.html
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