United Kingdom Housing June 2020

United Kingdom

United Kingdom: House prices continue to tumble in June

July 1, 2020

According to the Nationwide Building Society (NBS), house prices in the United Kingdom fell 1.4% month-on-month in June, coming after May’s 1.7% decline. The fall was driven by Covid-19 and associated containment measures hurting housing demand. On an annual basis, house prices were down 0.1%, the first annual drop since 2012 and contrasting May’s 1.8% increase. The average house price in June was GBP 216,403 (June 2019: GBP 216,515).

Looking ahead, house prices will likely remain soft in the near term due to depressed consumer sentiment and a weaker labor market. That said, Robert Gardner, chief economist at Nationwide, commented:

“The raft of policies adopted to support the economy […] should […] help ensure the impact on the housing market will ultimately be less than would normally be associated with an economic shock of this magnitude.”

Author:, Economist

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United Kingdom Housing Chart

United Kingdom Housing June 20 20 0

Note: Average price of a typical property in the U.K. and seasonally-adjusted month-on-month variation in %.
Source: Nationwide Building Society (NBS).

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