The price of properties in the United Kingdom (UK) experienced a slight drop in May for the first time this year, caused by a fluctuation in the demand of properties by buyers caused by the war in Iran.
According to the reports, the average price of a UK home fell by 0.6 percent compared with the previous month. The typical house price stood at £278,024, which is 1.7 percent higher than the same period last year, but represents a significant slowdown from the 3 percent annual growth recorded in April.
Robert Gardner, chief economist at Nationwide, said a “loss of momentum was to be expected” given the uncertainty caused by the conflict in the Middle East and the subsequent rise in energy prices and market interest rates.
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