Ross Clark Ross Clark

Could falling house prices be here to stay?

Credit: PA images

Not for the first time, a gulf has opened up between house price indices. This morning, Nationwide reports that average prices fell by 0.1 per cent in May (following a surprise rise of 0.4 per cent in April), taking annual house price inflation down to minus 3.4 per cent. That will surprise no-one, given the rise in interest rates over the past year.

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