House prices falling again

HOUSE prices have dropped this month amid concerns that pressure on household finances has knocked confidence.

Property values are down 0.1 per cent month-on-month to an average of £210,495 – the first fall since May, Nationwide Building Society said.

Annual house price growth has more than halved over the past year, having stood at 5.6 per cent last August.

Nationwide said its latest figures provide further evidence of the ‘cooling’ property market and slowing economic growth. It also suggested the impact of inflation outstripping wage growth may be taking its toll on families’ finances.