June House Price Study Shows Reduced Price Falls

Published: 7/2/2010

The monthly review of house prices provided by the Nationwide Building Society has shown another fall in house prices for June, though much less than it was in May.

House prices in June fell by less than one percent, compared with a drop of 2.5 percent in May. Although this is still a decrease in property prices it is at a much steadier rate which is an easier situation to deal with than the sharp drops seen before. The Nationwide Building Society chief economist noted that although the average house costs about GBP11,500 less than it did this time last year, compared with two years ago it is still 4 percent higher, and 9 percent higher when looking at a three year gap.

As the market stands then it is still in quite healthy shape for most homeowners who bought a couple of years ago or more and even then, as the Nationwide Building Society would point out, property is still an excellent investment over the longer term.