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House prices down 1.1% year-on-year in June

House prices were unchanged on a monthly basis in June but fell by 1.1% compared to 2010, according to Nationwide’s latest house price index.

The average price of a house was £168,205 in June, and comes after prices shifted up slightly, by 0.3%, in May.

Robert Gardner, chief economist at Nationwide, says: “Housing market demand has remained subdued of late, as evidenced by the still weak level of mortgage applications in recent months and the sluggish pace of new buyer enquiries reported by surveyors.”

He says that there have been a few encouraging economic developments for consumers recently, but these have not been enough to revive the housing market.

Gardner says: “Employment has been edging up and consumer confidence surged in May – although the latter may have had more to do with unusually warm weather and extra bank holidays, rather than signalling the arrival of any recovery-related feel good factor.”

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