House price corrections slow 'significantly' Published: 01/07/2008

Nationwide reports that the pace of house price corrections across the UK slowed "significantly" in June.

The high street lender found the price of the average property to be 0.9 per cent less than the previous month, following a 2.5 per cent slip in May.

Figures from the building society's latest monthly index, which is based solely on transactions involving housing finance, show that only Scotland is defying the slump.

The typical buyer browsing houses for sale today can expect to pay £13,500 less than at the market peak in October last year and around £11,500 less than 12 months ago.

Commenting on the latest release, Nationwide chief economist Fionnuala Earley said: "The pace of house price falls slowed significantly in June."

She added: "The strength of house price growth up until last year means that prices are still four per cent higher than two years ago and nine per cent higher than three years ago."

At £172,415, the price of the average property for sale in June was 6.3 per cent less than the corresponding month last year, according to the Nationwide data.

However, official statistics from the Land Registry - which includes every recorded property transaction in England and Wales - showed that prices were still up annually in May.

Search now for properties for sale  © Copyright.