House prices fall for the first time since 2012, survey reveals
HOUSE prices last month suffered their first annual fall since 2012 as the economy struggles out of lockdown, new data shows.
Prices were 0.1pc lower in June than they had been 12 months earlier, according to an index from building society Nationwide. The average property is worth £216,400.
Values were 1.4pc lower in June than in May, shaving £2,499 off the average price. This represents a 3.2pc drop since April. It amounts to an average total loss of £6,512.
Annual growth was running at a three-year high of 3.7pc when the pandemic struck, but fears are growing of a long-lasting slump.
Robert Gardner, Nationwide’s chief economist, said last month’s stall was unsurprising given the economic shock from the pandemic. He believes activity will pick up as lockdown eases, but added: “The medium-term outlook remains highly uncertain.”
Recovery will be dependent on the performance of the wider economy and the extent of the pandemic, he said.