UK House Prices Fall For First Time Since 2012

Nationwide Building Society has announced today that UK house prices fell for the first time since 2012 in June.

This is a result of the impact of the coronavirus pandemic on the UK economy.

House prices fell by 0.1% compared with June 2019. In June 2020, house prices fell by 1.4%, a slight improvement on the 1.7% fall in May 2020. This was the biggest fall in 11 years.

Mortgage approvals for May were the lowest number on record accordingly to data published by the Bank of England.

The government hopes that the support measures in place for both businesses and individuals should help promote a rebound in activity as the pandemic passes. It should help limit any potential long term damage to the economy.

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