Housing market activity is likely to remain"subdued in the near term" amid expectations of further interest rate rises, according to Nationwide. While other property market experts fear there is worse to come for buyers and sellers alike.House prices fell by 3.4% year-on-year in May - the biggest annual fall in nearly 14 years, according to one of the UK's biggest mortgage lenders.Data from the building society also showed a month-on-month decline of 0.
1% in May, with the average cost of a UK home now said to be £260,736.Its index for April reported a 0.4% rise in monthly prices, while the annual rate saw an improvement fromRobert Gardner, Nationwide's chief economist, said the latest data"largely reflects base effects with prices broadly flat over the month after taking account of seasonal effects".
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