Nationwide Building Society has announced that UK house prices have had there largest monthly fall since 1991 and according to the report prices have fallen by 2.5% during May.
The lender also said that prices were now 4.4% lower than this time last year, which equates to a drop of nearly £8,000 that has taken the average house price down to £173,583.
This new survey is no surprise and matches much of the other reports about the state of the UK housing market. In March first time buyers were at their lowest since records began back in 1993, but despite this news analysts argued that the housing market is not heading for a similar crash as the early 1990’s.