UK House Prices Fall At Slower Pace In June

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UK house prices dropped 10.7% in June from a year earlier, slower than a 12.7% fall in the preceding month, the Department of Communities and Local Government said Tuesday. Economists expected a 12% drop.

The mix-adjusted average house price stood at GBP191,423 in June, up from GBP188,466 in the preceding month.

In the quarter ending June, the average house prices rose 2.6% compared to a 3.8% fall in the March quarter.

In June, annual average house prices fell 10.7% in England, by 12.2% in Wales, by 7.1% in Scotland and declined by 23% in Northern Ireland.

Annual average house prices paid by first time buyers in June were 11.7% lower than a year ago, while the average house prices paid by former owner occupiers fell 10.3%.

(Market News Provided by RTTNews)