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7/1, 7:57 AM (Source: TeleTrader)
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UK house prices see first annual fall since 2012

Annual price growth stood at a negative 0.1% in June, falling from the twelve months to May when it stood at 1.8% and marking the first annual decline since 2012, according to the Nationwide House Price Index released on Wednesday.

House prices in the United Kingdom fell 1.4% in June compared to the previous month. The average house price in the UK in June was £216,403, down from £218,902 recorded in the previous month.

"It is unsurprising that annual house price growth has stalled, given the magnitude of the shock to the economy as a result of the pandemic," Robert Gardner, chief economist at Nationwide, said. "Housing market activity also slowed sharply as a result of lockdown measures implemented to control the spread of the virus. While latest data from HMRC showed a slight pickup in residential property transactions from April’s low, in May they were still 50% lower than the same month in 2019," he added.

Breaking the News / NP