13 Jul

Property prices fall slightly

Property prices fall slightly

UK property prices fell by 0.2 per cent in June, according to the latest figures from Nationwide.

The drop means that the market has seen the smallest annual growth in two years, with 11 of the 13 regions showing a slowing down in price growth.

Wales and Scotland recorded small declines over the past 12 months, while Northern Ireland and London reported the strongest increase in values.

Northern Ireland saw average prices increase by eight per cent over the past year - although they remain significantly below the peak levels of 2007, while London reported an annual growth of 7.3 per cent - down on the 12.7 per cent seen in the first three months of 2015.

Overall, it means the average home price is now £194,258, with prices still outpacing earnings.

Alex Gosling, chief executive officer of online estate agents HouseSimple, stressed that there does not appear to be any immediate cause for concern over the slowing down of house price growth.

He added: "Typically, the summer months are often slower months for property purchase and April and May did see an unusually high level of buyer activity.

"What we're seeing overall is a return to normality although the lack of properties coming onto the market remains an issue, and come September when buying activity typically starts to pick up again, the picture could be an entirely different one."ADNFCR-1222-ID-801794186-ADNFCR

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