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UK House Prices Fall For First Time Since 2012: Nationwide

UK house prices declined for the first time in seven-and-a-half years in June, the Nationwide Building Society said Wednesday.

House prices dropped unexpectedly by 0.1 percent on a yearly basis after rising 1.8 percent in May. This was the first time that annual house price growth has been in negative territory since December 2012.

Economists had forecast an annual increase of 1 percent for June.

Month-on-month, house prices fell 1.4 percent but slower than the 1.7 percent decline seen in May. Prices were forecast to drop 0.7 percent.

With lockdown measures due to be eased in the weeks ahead, housing market activity is likely to edge higher in the near term, albeit remaining below pre-pandemic levels, Robert Gardner, Nationwide's chief economist, said.

Nevertheless, the medium-term outlook for the housing market remains highly uncertain, Gardner added.

Data showed that all regions in the UK logged moderate annual price growth of between zero and 5 percent in the second quarter as a whole.

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