1 Jul

Nationwide: House price falls easing

Nationwide: House price falls easing

The latest data from Nationwide has indicated that the rate of house price falls is beginning to slow.

It found that property values fell by 0.9 per cent last month - which is less than half of May's rate - to reach an average of £172,415.

In addition, the building society noted that although prices are 6.3 per cent lower than at this time last year, they are still four per cent higher than in 2006.

Regional variations were recorded across the UK, with Scotland the best-performing area of the country and Northern Ireland the worst.

In terms of house purchase transactions, purchases remain at historic lows, according to the data.

Commenting on the figures, Fionnuala Earley, Nationwide's chief economist, said that with transactions at such a low level is there is unlikely to be a "rapid turnaround in housing market fortunes".

However, she added: "As prices continue to fall affordability measures become more favourable for those in a well financed position to be able to buy."

Nationwide's data supports a recent assertion from Haart that the London property market is beginning to stabilise after months of falling house prices.

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