{"id":11338,"date":"2026-06-07T17:02:31","date_gmt":"2026-06-07T17:02:31","guid":{"rendered":"https:\/\/second-home.uk\/?p=11338"},"modified":"2026-06-07T17:02:31","modified_gmt":"2026-06-07T17:02:31","slug":"uk-house-prices-decline-for-third-consecutive-month","status":"publish","type":"post","link":"https:\/\/second-home.uk\/?p=11338","title":{"rendered":"UK house prices decline for third consecutive month"},"content":{"rendered":"

UK house prices fell 0.1% in May to \u00a3298,806, marking the third consecutive monthly decline, according to data from Halifax. The drop defied analyst expectations of a 0.1% rise and follows decreases of 0.1% in April and 0.5% in March.<\/p>\n

The monthly decline comes as mortgage rates remain elevated due to geopolitical tensions in the Middle East, with the average two-year fixed mortgage rate standing at 5.66% on Thursday, up from 4.83% at the start of March. Five-year fixed rates reached 5.62%, compared to 4.95% earlier in the year, according to Moneyfacts.<\/p>\n

Annual growth misses forecasts<\/h2>\n

On an annual basis, house prices grew by 0.5% in May, up marginally from 0.4% in April but significantly below the 1% growth analysts had forecast. Halifax has halved its forecast for annual house price growth this year in response to market conditions.<\/p>\n

Amanda Bryden, head of mortgages at Halifax, said: \u201cProperty price trends continue to reflect the uncertainty linked to developments in the Middle East. Despite recent cuts to mortgage rates, higher inflation expectations have kept borrowing costs above the level seen at the start of the year, continuing to stretch affordability for many buyers and temper demand.\u201d<\/p>\n

Buyers\u2019 market emerges<\/h2>\n

Jason Tebb, president of OnTheMarket, characterised current conditions as \u201cthe strongest buyers\u2019 market we have seen in many years, with plenty of stock to choose from.\u201d He noted that stable pricing suggests buyers and sellers are adjusting expectations<\/a> rather than losing confidence in the market.<\/p>\n<\/p>\n

However, Bryden indicated that growth in activity among first-time buyers has been \u201cmore subdued,\u201d despite steadier prices potentially reducing the risk of being priced out of the market.<\/p>\n

Amy Reynolds, head of sales at estate agent Antony Roberts, described the market as defined by \u201ccautiously motivated sellers [and] cost-conscious buyers with genuine negotiating power,\u201d adding that the market requires both stability and transaction volume.<\/p>\n

Inflation concerns persist<\/h2>\n

UK inflation slowed to 2.8% in April, the lowest rate in over a year, partly due to a reduction in the household energy price cap. However, economists anticipate inflation will rise in coming months, driven by a 13% increase in the energy price cap from July to \u00a31,850 annually.<\/p>\n

Earlier this week, Nationwide reported its first monthly house price decline of the year in May, using a different methodology to Halifax. The convergence of data from both lenders suggests broader pressure on the UK property market<\/a> as borrowing costs remain elevated and affordability constraints persist.<\/p>\n

Bryden stated that house prices are expected to \u201cremain broadly stable\u201d in the coming months, though the trajectory will depend on mortgage rate movements and inflation trends.<\/p>\n","protected":false},"excerpt":{"rendered":"

UK house prices fell 0.1% in May to \u00a3298,806, marking the third consecutive monthly decline, according to data from Halifax. The drop defied analyst expectations of a 0.1% rise and follows decreases of 0.1% in April and 0.5% in March. The monthly decline comes as mortgage rates remain elevated due to geopolitical tensions in the […]<\/p>\n","protected":false},"author":1,"featured_media":716,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[2],"tags":[],"class_list":["post-11338","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-second-home"],"yoast_head":"\nUK house prices decline for third consecutive month - Second Home<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.propertywire.com\/news\/uk\/uk-house-prices-decline-for-third-consecutive-month\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"UK house prices decline for third consecutive month - Second Home\" \/>\n<meta property=\"og:description\" content=\"UK house prices fell 0.1% in May to \u00a3298,806, marking the third consecutive monthly decline, according to data from Halifax. 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