1
Jul
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.
