UK property prices drop 2.4% in May 08
UK house prices dropped by 2.4% in May, according to a report by the Halifax, Britain’s biggest mortgage lender.
That pushed prices 3.8% lower than a year ago and means that the price of the average home fell to £184,111.
The Bank of England said on Thursday it was leaving interest rates unchanged at 5%, despite calls from estate agents and construction firms for a cut.
Many mortgages have been withdrawn and available rates have risen in spite of three rate cuts since December.