It was the first year-on-year decline in home prices since December 2012, according to financial firm Halifax.
House prices across the UK have fallen by 1%, according to Halifax.
Average house prices in May were flat month-on-month at £286,532.
5 things to start your day
1) CBI Survives Major Vote With Member Review | 93% voted for reform amid sexual misconduct scandal
2) UK investors withdraw £300m in worst month ever for ESG funds | Abandoning Ethical Equity Funds in Search of Higher Returns
3) China bans surveillance cameras that captured Matt Hancock’s affair over national security concerns | It comes as concerns grow that Chinese companies could provide the Chinese government with backdoors for espionage.
Four) M&S Scrap Tells Consumers to Decide Their Milk’s Shelf Life | The move is part of a broader pledge to halve supermarket food waste by 2030.
Five) Coinbase sued by regulators as US weighs on crypto industry | The charges come just a day after Binance, the world’s largest cryptocurrency exchange, was similarly accused by the SEC of violating U.S. securities laws.
what happened overnight
Wall Street stocks rose at the end of Tuesday’s tumultuous trading, with battered regional bank stocks rising despite a quiet day in the market.
The Dow Jones Industrial Average rose less than 0.1% to $33,573.28.
The broad-stock S&P 500 rose 0.2% to 4,283.85, while the tech-heavy Nasdaq Composite rose 0.4% to 13,276.42.
In the bond market, the 10-year Treasury yield fell to 3.68% from 3.69% late Monday.
Stocks rose in Asia-Pacific markets on Wednesday morning as hopes of stimulus from China and overnight gains on Wall Street lifted the mood.
MSCI’s broadest index of non-Japanese Asia-Pacific stocks rose 0.7% in the morning.
China’s benchmark stock index rose 0.3%, while Hong Kong’s Hang Seng Index rose 1.2%.
On Tuesday, China reportedly asked big banks to cut deposit rates in an effort to stimulate the economy. Those stocks have risen over the past week on speculation of policy support for the troubled real estate sector.
Japan is an outlier, with the Nikkei Stock Average down 1.1% after hitting a 33-year high on Tuesday.
The Australian dollar hit a high of $0.6690, the highest since mid-May, as it rose further after another rate hike by the central bank.
