

House prices have fallen for the first time on an annual basis in 11 years amid widening concern about soaring mortgage costs.
Prices slumped 1pc in the year to May, down from 0.1pc growth in April, according to mortgage lender Halifax. It is the first fall since December 2012.
Monthly prices were static in May following a 0.4pc fall in April, making the average home worth £286,532.
The property market is under pressure as the Bank of England is expected to raise interest rates to as much as 5.5pc before the end of the year in its fight against persistent inflation, with mortgage lenders racing to pull cheap deals.
Halifax Mortgages director Kim Kinnaird said: “With consumer price inflation remaining stubbornly high, markets are pricing in several more rate rises that would take Base Rate above 5pc for the first time since the start of 2008. Those expectations have led fixed mortgage rates to start rising again across the market.
“This will inevitably impact confidence in the housing market as both buyers and sellers adjust their expectations, and latest industry figures for both mortgage approvals and completed transactions show demand is cooling. Therefore further downward pressure on house prices is still expected.”
Figures from rival lender Nationwide said prices slumped 3.4pc over the year to May, deepening from a 2.7pc decline in April.
It said house prices fell for the eighth time in nine months by 0.1pc in May compared to April.
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