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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 and to see this month's full report please click here

Edit : to attempt to post a link

http://cslb.creatormail.co.uk/sites/nation...June%202008.doc

Edited by Papitogrande
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Commenting on the figures Fionnuala Earley, Nationwide's Chief Economist, said:

“ 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."

Commenting on the figures Fionnuala Earley, Nationwide's Chief Economist, failed to add:

"I have no concept of monetary inflation"

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