UK house prices registered the first annual contraction in more than a decade in May as prospective buyers were hit by higher mortgage rates, according to the lender Halifax.
Property prices were 1 per cent down last month compared with May 2022, the first annual fall since December 2012, data showed on Wednesday.
This comes as the Royal Institution of Chartered Surveyors warned on Thursday that expectations about further interest rate rises are likely to add downward pressure on the market in the months ahead.
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