1 Jun 2026
House prices decrease in May due to uncertainty within the market
According to Nationwide Building Society’s latest House Price Index, house prices dropped 0.6% month on month in May – the first monthly decline this year.
Annual house price growth slowed to 1.7% in May from 3% in April. The average property price in April 2026 was £278,880, compared to £278,024 in May 2026.
Unsurprisingly, there has been a slight decline in the market due to the conflict in the Middle East, which has significantly contributed to higher energy prices and market interest rates. Those looking to move or buy their first home may feel less confident due to the uncertainty within the market.
However, despite a rise in market interest rates over recent months, affordability has not been affected as much. Swap rates, which determine mortgage pricing, have stayed below the high rates in 2023, providing some confidence.
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