UK house prices slide 2.5%

Housing market misery deepened in the UK today after Nationwide figures showed prices slid 2.5% in May – the biggest monthly fall recorded by the building society.

The typical house lost almost £5,000 (€6,300) in value, to £173,583 (€219,500), over the month, leaving average prices 4.4% lower than a year ago.

May’s drop represents a seventh successive month of falls – the longest consecutive period of decline since 1992 – as fears over the economy grow, Nationwide added.

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