LONDON (dpa-AFX) - UK house prices declined for the third consecutive time for the first time since 2009, data from Nationwide Building Society showed Thursday.
House prices dropped unexpectedly by 0.2 percent month-on-month in May, following a 0.4 percent drop in April. Economists had forecast prices to rise 0.2 percent.
Providing further evidence that housing market is losing momentum, house price growth slowed to 2.1 percent from 2.6 percent in the previous month.
This was the weakest growth in almost four years. Prices were expected to climb 2.4 percent.
'Given the ongoing uncertainties around the UK's future trading arrangements and the upcoming election, the economic outlook is unusually uncertain, and housing market trends will depend crucially on developments in the wider economy,' Robert Gardner, Nationwide's chief economist, said.
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