Underscoring the slowdown in the housing market since the Brexit vote, a new survey showed that house prices in the UK fell for the third month in a row in May, which is a first since 2009, reported Reuters.
Mortgage lender Nationwide revealed that home prices slipped 0.2 percent in May, following a 0.4 percent drop in the previous month.
On a yearly basis, house prices rose 2.1 percent, which is significantly lower compared to the 2.6 percent growth registered in April.
“It is still early days, but this provides further evidence that the housing market is losing momentum,” said Nationwide chief economist Robert Gardner.
“Moreover, this may be indicative of a wider slowdown in the household sector, though data continues to send mixed signals in this regard.”
This article was edited by Denise Djong.
