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		</div><p>UK house prices recorded their third monthly decrease in a row in May &#8211; the first time this has happened since 2009 &#8211; according to an index. Nationwide Building Society said values dipped by 0.2% month-on-month in May, following a 0.4% decrease in April and 0.3% in March.</p>
<p>Across the UK, the average price was £208,711 in May, marking a 2.1% year-on-year increase.<br />
A year earlier, price growth was more than double this rate, at 4.7%. Robert Gardner, Nationwide&#8217;s chief economist, said it is too early to know whether the slowdown is &#8220;merely a blip&#8221;, a reflection of the squeeze on household budgets, or is due to mounting affordability pressures in key areas.</p>
<p>He said that despite the &#8220;unusually uncertain&#8221; outlook for the economy, the subdued level of building activity and the shortage of properties on the market are likely to help hold prices up. As a result, he believes a small increase in prices of around 2% is likely over the course of 2017.</p>
<p>Mr Gardner said: &#8220;House prices recorded their third consecutive monthly fall in May &#8211; the first time this has occurred since 2009. The annual rate of growth slowed to 2.1%, the weakest in almost four years.</p>
<p>&#8220;It is still early days, but this provides further evidence that the housing market is losing momentum. Moreover, this may be indicative of a wider slowdown in the household sector, though data continues to send mixed signals in this regard.&#8221; Mr Gardner said that &#8220;if history is any guide&#8221;, the slowdown is unlikely to be related to uncertainty over the General Election on June 8.</p>
<p>&#8220;Housing market trends have not traditionally been impacted around the time of general elections.<br />
Rightly or wrongly, for most home buyers, elections are not foremost in their minds while buying or selling their home.&#8221;</p>
<p>Mr Gardner said analysis shows past general elections do not appear to have generated volatility in house prices or resulted in a significant change in trends. &#8220;Broader economic trends appear to dominate any immediate election-related impacts.&#8221;</p>
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