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The annual decline in UK house prices sped up in May, according to new data from mortgage lender Nationwide on Thursday.
On a seasonally adjusted basis, May saw a 0.1% month-on-month fall in house prices. In April, on the same basis, house prices had inched up by 0.4%.
On a non-seasonally-adjusted basis, the average house price stood at £260,736 last month, up slightly from £260,441 in April.
On an annual basis, house prices declined by 3.4% in May, accelerating from a fall of 2.7% in April.
Nationwide Chief Economist Robert Gardner said: ‘Recent Bank of England data had shown some signs of recovery in housing market activity, although the number of mortgages approved for house purchase in March was still around 20% below pre-pandemic levels. Moreover, headwinds to the housing market look set to strengthen in the near term. While consumer price inflation did slow in April, it was a much smaller decline than most analysts had expected.’
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