High interest causes first yearly drop in UK house prices since 2012
LONDON, England: Mortgage lender Halifax has said that in May, UK house prices dropped on an annual basis for the first time in 11 years, highlighting the effects of rising interest rates on the housing market.
Compared with May 2022, the average property price fell 1.0 percent, the first year-on-year drop since December 2012. Monthly prices were unchanged from April, when they fell by 0.4 percent.
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