Thursday, 28 June 2012 13:47
LONDON: House prices in recession-affected Britain fell in June on an annual basis by the biggest amount in nearly three years, a survey by major home-loans provider Nationwide showed on Thursday.
The average value of a home in Britain stood at £165,738 ($258,838, 206,883 euros) in June -- down 1.5 percent compared with the same month in 2011, the lender said in a statement.
They meanwhile dropped by 0.6 percent in June compared with one month earlier, it added.
"House prices declined by 0.6 percent in June, taking the annual pace of house price growth down to minus 1.5 percent, the lowest reading since August 2009," said Nationwide chief economist Robert Gardner.
"The slightly weaker trend we've observed since March is unsurprising, given the difficult economic backdrop, with the UK economy dipping back into recession at the start of the year and few signs of a near-term rebound."
Britain's housing market has also been hit ...