Annual house price growth has turned negative for the first time since 2012 in May, according to an index. Across the UK, house prices fell by 1.0%, Halifax said.
It marked the first annual decline in house prices since December 2012. The average house price remained flat (0.0% growth) month-on-month in May, sitting at £286,532.
Kim Kinnaird, Director, Halifax Mortgages, said: “House prices were largely unchanged in May, edging down very slightly (-£130) compared to April, with the average UK property now costing £286,532. More notably the annual rate of growth fell to -1.0%, marking the first time since 2012 that house prices have fallen year-on-year. Given the effectively flat month, the annual decline largely reflects a comparison with strong house prices this time last year, as the market continued to be buoyant heading into the summer.
