House Prices Fall for the First Time Since 2012 'global'

Month over month, UK house prices remained flat in May.

The average property price in the United Kingdom fell 1.0 percent in May compared with the same period last year.

The average UK property now costs 286,532 British pounds, or $357,000.

Property prices have fallen by about 3,000 pounds over the last 12 months.

And are down around 7,500 pounds from the peak last August.

The Bank of England raised its benchmark interest rate in May to 4.5%, the highest since 2008.