Economics
U.K. House Prices Drop Most Since 2009 Under Virus Lockdown
- Values fell 1.7% in May from previous month, Nationwide Says
- BOE figures show a huge decline in consumer borrowing
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U.K. house prices fell the most in more than a decade and consumer borrowing plunged as the coronavirus lockdown shuttered the economy.
Property values dropped 1.7% in May, the biggest decline since February 2009, Nationwide Building Society said Tuesday. Separate Bank of England figures showed borrowing plunged in April, with consumers repaying a net 7.4 billion pounds ($9.3 billion) of credit, the most since comparable records began in 1993.