UK house prices fall for 2nd successive month
Average house prices in Britain fell by 0.9% in August, the second consecutive monthly dip after a 0.5% drop in July
By Agencies |
LONDON: A major mortgage lender says that average house prices in Britain fell by 0.9 percent in August, the second consecutive monthly dip after a 0.5 percent drop in July.
The Nationwide Building Society said Thursday that the three-month rate of change, generally a smoother indicator of recent price trends, fell from an increase of 1.2 percent in July to flat in August.
The lender says that suggests that house prices stagnated over the summer. Unless prices bounce back in September, the three-month rate of change will turn negative next month.
Nationwide's economist Martin Gahbauer says the current period of price declines is likely to remain relatively modest. He says price increases in the past year had got ahead of the recovery in the wider economy.
The Nationwide Building Society said Thursday that the three-month rate of change, generally a smoother indicator of recent price trends, fell from an increase of 1.2 percent in July to flat in August.
The lender says that suggests that house prices stagnated over the summer. Unless prices bounce back in September, the three-month rate of change will turn negative next month.
Nationwide's economist Martin Gahbauer says the current period of price declines is likely to remain relatively modest. He says price increases in the past year had got ahead of the recovery in the wider economy.
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