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| House prices slip in May in subdued market | House prices slip in May in subdued market |
| (32 minutes later) | |
| House prices in May fell 0.2% from April in what Nationwide building society described as a subdued market. | House prices in May fell 0.2% from April in what Nationwide building society described as a subdued market. |
| The lender said "uncertainty" was likely to weigh on the market in the coming months. | The lender said "uncertainty" was likely to weigh on the market in the coming months. |
| Compared with a year earlier, house prices rose 0.6% - slower than the 0.9% rise the previous month. | Compared with a year earlier, house prices rose 0.6% - slower than the 0.9% rise the previous month. |
| Annual house price growth has been below 1% for six months in a row, according to data compiled by Nationwide. | Annual house price growth has been below 1% for six months in a row, according to data compiled by Nationwide. |
| "Survey data suggests that new buyer inquiries and consumer confidence have remained subdued in recent months," said Robert Gardner, chief economist at Nationwide. | |
| "Nevertheless, indicators of housing market activity, such as the number of property transactions and the number of mortgages approved for house purchase, have remained broadly stable. | "Nevertheless, indicators of housing market activity, such as the number of property transactions and the number of mortgages approved for house purchase, have remained broadly stable. |
| "Housing market trends are likely to continue to mirror developments in the broader economy," he said. | "Housing market trends are likely to continue to mirror developments in the broader economy," he said. |
| The number of first time buyers has continued to recover. According to Nationwide data there were 359,000 first-time buyers in the 12 months to March, just 10% below the 2006 peak. | |
| "Even though house prices remain high relative to average incomes, the cost of servicing the typical mortgage as a share of take-home pay has remained close to or below long-run averages in most parts of the country," Mr Gardner said. | |
| The Nationwide said that almost half of first-time buyers had received help from friends and family to raise a deposit to buy a home. | |
| Samuel Tombs, chief UK economist at Pantheon Macroeconomics, said that Brexit uncertainty was likely to have "instilled some caution in buyers". | |
| But he also expects a "modest" improvement later in the year, as consumer confidence has been recovering and mortgage deals have been getting better for buyers with smaller deposits. |