UK house prices fall in May amid Iran turmoil

Higher mortgage rates blamed for Nationwide index’s first monthly decline this year Nationwide finds typical price was £278,024 in May, as Savills says Iran war has ‘fundamentally changed’ outlookBusiness live – latest updatesHouse prices fell in the UK for the first time this year in May, as rising interest rates triggered by the war in Iran hurt homebuyer demand.The price of the average UK home dropped 0.6% in May compared with the month before, according to the lender Nationwide.