UK house prices last month fell for the first time in eight years, a key building society survey said, as the property market makes an uncertain return to business after lockdown.
Nationwide’s house price index showed prices in June were down 0.1 per cent year-on-year, after increasing 1.8 per cent the previous month, in the first decline since December 2012.
Prices for homes in the UK fell by 1.4 per cent month-on-month, taking into account seasonal changes, after a fall of 1.7 per cent the previous month. House prices in June were 3.2 per cent lower than in April.
The building society’s chief economist said stalling house price growth was “unsurprising” given the pandemic’s shock to the economy, which has forced viewings and transactions to freeze.
“While latest data from HMRC showed a slight pick-up in residential property transactions from April’s low, in May they were still 50 per cent