Nationwide have released their house price index figures today and it certainly makes for grim reading if you’re a homeowner. There’s been an 8.1% drop in the last year, with the average house price now at £169,316 – that’s £15,000 cheaper than in the same month last year.
House prices have now fallen for nine months in a row and are at their lowest level since August 2006. However, property prices are still £11,000 higher than they were three years ago.
Nationwide’s chief economist Fionnula Earley stated, "The weakening economy and poor housing market sentiment do not suggest that the market will recover quickly. As the cost of mortgages begins to come down, activity could be bolstered and restore some liquidity to the housing market."
Last month saw figures released by Halifax claiming that house prices fell by 2.4% in May.
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