Record Fall in Housing Prices in England

There has been a record decline in housing prices in the UK. In the country, which has experienced the hardest decline in the last 11 years, housing prices decreased by 1.7 percent last month. Housing prices in the UK decreased by 1.7 percent last month, the strongest drop in the past 11 years on a monthly basis. According to data from Nationwide housing prices index data, housing prices in the country fell by 1.7 percent in May. The annual rate of increase in housing prices in the country decreased from 3.7 to 1.8 percent. Housing prices experienced the most severe decline of the last 11 years in May on a monthly basis. According to the data obtained by the Ministry of Finance, housing sales in the UK decreased by 53 percent in April compared to the same month of the previous year. “We see a severe contraction” Nationwide Chief Economist Robert Gardner made evaluations about the fall. Noting that the medium-term outlook remains uncertain in the housing sector, Gardner said, "We see a sharp contraction as a result of the measures implemented to prevent the spread of the coronavirus.