August house prices 'dipped 0.6%'

Posted: 02 Sep 2011 16:57:33 GMT

Property prices have been relatively stable in the last year.

UK house prices in August tumbled by 0.6 per cent, with the cost of a typical home in the month standing 0.4 per cent lower than that recorded one year earlier.

The figures have been provided by Nationwide and Robert Gardner, chief economist at the organisation, explained this alteration does not significantly change the overall picture of relative stability that has persisted over the last 12 months.

Across this period, prices remained largely unchanged, the industry expert explained, noting: "Sluggish demand for homes, combined with only a gradual rise in the supply of available properties, has helped to keep property prices stable since last summer."

He said this trend is likely to continue across the remainder of this year, despite a number of downside risks emerging in tandem with a weakening of UK and global growth prospects.

The findings come after figures produced by the Department for Communities and Local Government showed June house prices in the UK increased by 0.6 per cent across the month.
 

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