UK house prices fell 0.6% in May, their first monthly drop of 2026, even as mortgage approvals hit a 14-month high of 65,940. Nationwide attributes the miss to consumer confidence at its lowest since late 2023, not credit conditions, limiting the Bank of England's rate-cut potency.
Bank of England Governor Andrew Bailey is set to speak later today following the release of softer UK house price data and mixed credit figures. Source
