United Kingdom: House prices fall in August
September 1, 2011
In August, the average price of a typical property in the U.K. declined a seasonally adjusted 0.6% over the previous month to GBP 165,914, based on data collected by the mortgage lender Nationwide Building Society (NBS). The reading contrasted with July's increase of 0.3% and market expectations of a 0.1% rise. On an annual basis, house prices moderated for a fifth straight month and were down 0.4%, the same as in the previous month. Compared to the peak reached in October 2007, prices were down 10.8%. According to NBS, sluggish demand for homes, combined with only a gradual rise in the supply of available properties will prolong the stagnation experienced in the property market.