House prices are falling at their fastest rate for almost 14 years as buyers reel from the impact of sharply higher interest rates, figures showed on Thursday.
The annual rate at which prices are dropping picked up pace from 2.7 per cent in April to 3.4 per cent last month, the biggest fall since the aftermath of the financial crash in July 2009, according to lender Nationwide. Commentators said that the normal “spring bounce” seen in the London market at this time of year failed to materialise with buyers spooked by the threat of yet more interest rate pain.
