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House prices slump to their lowest since October

Figures released today from Nationwide have revealed that May saw a significant drop in the average price of property in the UK, taking process to their lowest since October 2015.

This is great news for anyone who might be struggling to get a hold on the property ladders, and could signal a cooling down of the over-heating market.

Experts are suggesting that the slump could be due recent investment buying frenzy between November and April, following the hike in stamp duty on investment properties. This saw cash transactions nearly doubling from 35,000 in March 2015 to over 60,000 in March 2016.

Many are also pointing the finger at the referendum on June 23rd, suggesting that this may be putting people off of making a move until they are aware of the outcome.

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