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Rate of house price decline slows
3 July 2008 10:30
House prices continued to decrease in June but at a slower rate than over the month before, according to new figures, although the market remains rather regionally diverse.
Having dipped by 2.5 per cent in May, house prices fell by only 0.9 per cent in June to an average of £172,415, Nationwide's data indicated, although this was also down by 6.3 per cent on June 2007, compared to a 4.4 per cent year-on-year fall seen the month before.
Regionally, the biggest fall in house prices over the second quarter as a whole was by nine per cent in Northern Ireland, whereas the slightest dip was by 1.3 per cent in the south-east, while Scotland was the only area to shown any annual growth, at 0.6 per cent.
Nationwide's chief economist Fionnuala Earley noted that house price decline had slowed, adding that while prices are now substantially lower than a year ago, they are still four per cent higher than two years ago and up by nine per cent on three years ago.
Reflecting on these figures, the National Association of Estate Agents welcomed signs that the market is stabilising, but urged the government to boost confidence and ease the pressure on consumers through steps such as a stamp duty holiday for first-time buyers.
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