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The Guardian - UK

Business

Lauren Almeida

UK house prices fall for first time this year amid rising mortgage rates

Interest Rates United Kingdom Nationwide Savills Robert Gardner Iran

Houses in Chapel Hill in Lewes — Houses in Lewes. Mortgage interest rates have broadly risen across the market in recent months. Photograph: Graham Prentice/Alamy

House prices fell in the UK for the first time this year in May, as rising interest rates triggered by the war in Iran hurt homebuyer demand.

The price of the average UK home dropped 0.6% in May compared with the month before, according to the lender Nationwide.

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