House prices fall for the first time since 2012, sur­vey re­veals

The Daily Telegraph - Business - - Business - Melissa Law­ford By

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.

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