london skyline

United Kingdom Housing June 2020

United Kingdom: House prices continue to tumble in June

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.”

Free sample report

Access essential information in the shortest time possible. FocusEconomics provide hundreds of consensus forecast reports from the most reputable economic research authorities in the world.
Close Left Media Arrows Left Media Circles Right Media Arrows Right Media Circles Arrow Quote Wave Address Email Telephone Man in front of screen with line chart Document with bar chart and magnifying glass Application window with bar chart Target with arrow Line Chart Stopwatch Globe with arrows Document with bar chart in front of screen Bar chart with magnifying glass and dollar sign Lightbulb Document with bookmark Laptop with download icon Calendar Icon Nav Menu Arrow Arrow Right Long Icon Arrow Right Icon Chevron Right Icon Chevron Left Icon Briefcase Icon Linkedin In Icon Full Linkedin Icon Filter Facebook Linkedin Twitter Pinterest