Nationwide: House prices slowed in June

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Nationwide: House prices slowed in June

The pace of house price falls slowed down significantly last month, Nationwide reports today.

Describing house purchase transactions as "subdued across the UK", the building society noted a monthly change of -0.9 per cent in June, compared to -2.5 per cent in May.

The average price fell from £173,583 in May to £172,415.

Fionnuala Earley, Nationwide's chief economist, said the average price of a house is now £13,500 less than it would have been at the market's peak and over £11,500 less than this time last year.

But she noted that prices are still four per cent higher than two years ago, and nine per cent higher than three years ago.

The Guardian said prices are now dropping at their fastest rate for 16 years.

Bank of England figures released yesterday stating that the number of mortgages approved for house purchases dropped by 64 per cent over the year to May, hitting a record low of 42,000.

House prices could fall 20 per cent as the number of mortgages drops, according to the Scotsman.
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