House prices have fallen for the fourth time in five months, claims the Nationwide building society. Prices fell 0.7% in July to an average of £164,389- 2.6% lower than last year.
The property market is heading for a downturn, Monday figures indicated, with new mortgage approvals at their lowest since 2010.
Nationwide’s chief economist, Robert Gardner said: “The weaker price trend observed in recent quarters is unsurprising, given the disappointing performance of the wider economy.”
“The UK recession intensified in the three months to July, with the economy contracting by 0.7% quarter on quarter.”
“This disappointing out turn can be only partly explained by unusually wet weather and the impact of an extra bank holiday during the quarter.”