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UK housing market headwinds set to strengthen in near term, says Nationwide

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Property values in the UK fell by 3.4 per cent annually in May

The average UK house price recorded its biggest annual fall in nearly 14 years in May, according to Britain’s biggest building society, as it warned that housing market challenges look set to strengthen in the near term.

Property values fell by 3.4 per cent annually in May, marking the biggest drop seen since July 2009 when an annual fall of 6.2 per cent was recorded, Nationwide Building Society said.

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