UK house prices fall 0.6% in May amid Iran conflict
Business
UK house prices slipped by 0.6% in May, the first dip this year, bringing the average property down to £278,024.
Growth has slowed, with annual rates now at 1.7%.
The main culprits? Higher energy costs and borrowing rates, both linked to the conflict in Iran, have made buying tougher and cooled demand.
Nationwide's Gardner blames costs and confidence
Nationwide's chief economist, Robert Gardner, noticed fewer people looking to buy since March, and consumer confidence has been pretty low since the start of the conflict.
As Gardner put it, The decline in house prices reflects a combination of rising borrowing costs and low consumer confidence.