House prices in May fell 1% below the value seen in the same month last year according to the latest data from the Halifax, the first time the mortgage lender has recorded year-on-year price falls since 2012.

The lender said the data, which came after average prices edged down by a fraction – just £130 – month-on-month, showed that the brief spring upturn seen in February and March had now faded “as expected”, with higher interest rates feeding through to household budgets.

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