Britain relaxed some restrictions on the housing market in May but the medium-term outlook remains highly uncertain.
Nationwide said prices fell by 1.7% last month from April, the biggest monthly decline since February 2009.A Reuters poll of economists had pointed to a monthly fall of 1.0% and an annual rise of 2.8%. “The huge size of the blow from Covid-19 to households’ incomes and the deterioration in consumers’ confidence suggests that house prices must drop,” he said.Nationwide said the impact of the pandemic on the mindset of homebuyers was likely to weigh on the market.
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