Britain's house prices fell by the most in more than 11 years in May as the coronavirus crisis hammered the market, mortgage lender Nationwide said on Tuesday.
LONDON - Britain’s house prices fell by the most in more than 11 years in May as the coronavirus crisis hammered the market, mortgage lender Nationwide said on Tuesday.
Nationwide said prices fell by 1.7% last month from April, the biggest monthly decline since February 2009.A Reuters poll of economists had pointed to a monthly fall of 1.0% and an annual rise of 2.8%. “The huge size of the blow from COVID-19 to households’ incomes and the deterioration in consumers’ confidence suggests that house prices must drop,” he said. “We look for a 5% decline in prices by the end of the third quarter.”
A survey it conducted suggested people had put off moving as a result of the lockdown and would-be buyers were planning to wait six months on average.
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