The property market is showing signs of struggling.
House prices fell for the first time this year in May, according to figures from building society Nationwide.
The cause of this is fairly clear. Rising interest rates, driven by an expected bump in inflation since the start of the war in Iran, have limited what buyers can afford.
The dip in prices has been moderate so far – 0.6 per cent last month, according to Nationwide – but there are warning signs that this could only be the beginning.
This summer and into autumn, the strain on the property market may start to show further, as these higher rates become the norm.
