Date issued: 1 Jul 2008
PACE OF HOUSE PRICE FALLS SLOWS IN JUNE
- House prices fell by 0.9% in June, less than half the rate of the previous month
- Prices are 6.3% lower than this time last year, but remain 4% higher than 2 years ago
- House purchase transactions remain subdued across the UK
- Northern Irish and Scottish activity levels stand out at each extreme
| Headlines |
June 2008 |
May 2008 |
| Monthly index * Q1 '93 = 100 |
342.3 |
345.5 |
| Monthly change* |
-0.9% |
-2.5% |
| Annual change |
-6.3% |
-4.4% |
| Average price |
£172,415 |
£173,583 |
* seasonally adjusted
Commenting on the figures Fionnuala Earley, Nationwide's Chief Economist, said:
“The pace of house price falls slowed significantly in June. House prices fell by 0.9% during the month, less than half of the rate of the 2.5% fall recorded in May. Prices in June are now 6.3% lower than this time last year and have fallen 7.3% from their peak last October. The price of a typical house is now £172,415. This is over £13,500 less than it would have cost at the top of the market and over £11,500 less than this time last year. However, the strength of house price growth up until last year means that prices are still 4% higher than two years ago and 9% higher than three years ago."
For further information please see our June 2008 report (PDF 57KB).
For further regional breakdown please see our Q2 report (PDF 93KB).
