Money News
12th August 2008
House prices down 0.7% in June
UK house prices fell again during June, as conditions in the property market continued to worsen.
According to the Department for Communities and Local Government (DCLG), the price of a home fell by 0.7 per cent over the course of the month.
The decline brought the rate of house price inflation down to 0.6 per cent and brought the value of the average home down to £215,029.
Howard Archer, an analyst at Global Insight, said: "It seems odds-on that house prices will continue to head rapidly south.
"Elevated affordability pressures on potential house buyers stem from high house prices, modest disposable income growth and the squeeze on purchasing power coming from soaring utility bills and high food prices, while very tight credit conditions have led to markedly fewer and more expensive mortgages being available."
Among the most marked decline were registered in Northern Ireland where prices fell by 9.5 per cent.
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