UK house prices fall in May as pressure on household budgets grows

Nationwide data shows 0.2% month-on-month decline as buyer slump continues

House prices fell in May as a faltering economy, pressure on household budgets and the prospect of interest rate rises dogged the market.

Figures from Nationwide show prices declined by 0.2% month-on-month, the third fall in four months. On an annual basis, price growth slowed to 2.4% from 2.6% in April.