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House Price Growth Slows |
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(2nd July 2008)
New figures from Nationwide have shown that house price growth has slowed across the UK.
While the average house price stood at £173,583 in May, it has now dropped to £172,415.
Fionnuala Earley, Nationwide's chief economist, pointed out that this is more than £11,500 less than what the average house would have cost last year.
"The pace of house price falls slowed significantly in June. House prices fell by 0.9 per cent during the month, less than half of the rate of the 2.5 per cent fall recorded in May. Prices in June are now 6.3% lower than this time last year and have fallen 7.3 per cent from their peak last October," Ms Earley commented.
However, she also pointed out that prices are still four per cent higher than two years ago thanks to the market growing up until last year.
Meanwhile, moneysupermarket.com has revealed that more than half of homeowners whose fixed-rate mortgages are due to end soon have not yet looked at other options.
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