Wednesday September 7, 2011

UK house prices lower in August

LONDON: British house prices fell 0.6% in August from July, when they had increased by 0.3%, a key survey by home loans provider Nationwide showed.

“UK house prices declined by 0.6% in August, although this does not change the picture of relative stability that has characterised the market over the past 12 months,” said Nationwide chief economist Robert Gardner.

The average value of a home in Britain stood at £165,914 in August, according to Nationwide. That was just 0.4% less than the same month last year.

“Sluggish demand for homes, combined with only a gradual rise in the supply of available properties, has helped to keep property prices stable since last summer,” added Gardner. — AFP

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