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Halifax index shows 3.8% year-on-year house price fall in May

House prices have fallen by almost 4% year-on-year during May – the fastest rate of decline since 1993, according to the latest house price index from Halifax. Prices fell by 2.4% in May compared to April, and by 3.8% year-on-year during the month.

HBF calls for 0.5% interest rate cut

HBF has made an urgent case the Bank of England’s monetary policy committee, urging a 0.5% rate cut today to help ease “rapidly deteriorating conditions in the housing market.”

Bellway reservations down 31%

An interim management statement from Bellway has reported that deteriorating market conditions have driven down reservations by 31% across the country. It also reported that the midlands, Yorkshire and north west have been “particularly hard hit” by the downturn.

VA£UE DRIVERS - A changing market

Your monthly tip on improving margins from RICHARD JONES OF EC HARRIS

The View From Here – Fionnuala Earley, Nationwide

Nationwide chief economist Fionnuala Earley expects the market to continue slowing as a result of more prudent lending policies among cash-strapped banks and building societies, coupled with the weakening economy and decline in consumer sentiment and demand

City focus - Bargain hunters

The latest trading updates from AIM-listed housebuilders provided further confirmation of the market’s decline since April. Steve Menary reports on analysts’ latest perspectives on the sector

Insider’s view - Crunch timev

John Stewart introduces this month’s mortgage and financial market special

Bargain hunters

A rash of trading updates from AIM-listed developers has provided further confirmation of a poor spring selling season, further pushing down share prices in the sector

£110,000 raised at Brain Game charity quiz

Market crisis may be beyond the government