UK house prices have fallen for a third consecutive month, highlighting continued pressure on the property market as buyers face higher borrowing costs and ongoing economic uncertainty.

According to the latest housing market data, the average UK home price slipped by 0.1% in May, bringing the typical property value to approximately £298,800. The decline follows previous monthly falls recorded earlier this spring.

Rising mortgage rates and affordability concerns continue to weigh on buyer demand, despite some lenders introducing more competitive mortgage products in recent weeks.

Property experts say uncertainty surrounding global economic conditions and increased household costs have encouraged many buyers to take a cautious approach. While annual house price growth remains positive, the pace of growth has slowed significantly compared with previous years.

Industry analysts note that the market is currently offering more choice for buyers, with housing supply improving across many regions. However, affordability remains a major challenge, particularly for first-time buyers seeking to enter the property market.

Despite the recent slowdown, experts believe house prices are likely to remain relatively stable over the coming months, with interest rates and inflation continuing to influence market activity.

The latest figures suggest the UK housing market is entering a period of adjustment, as buyers and sellers adapt to changing financial conditions and a more cautious economic outlook.