London sees 4.3% dip in average house price

House prices fell by 3.5% annually in June, according to data from Nationwide Building Society, with this following a 3.4% year-on-year decline in May. Month-on-month, prices were up 0.1%, reversing the 0.1% dip recorded in May. The report shows that the average UK house price in June was £262,239. London saw a 4.3% year-on-year decline in house prices, while southern England saw a 3.8% decline and prices in northern England were down 2.7%. On the year-on-year fall, Robert Gardner, Nationwide’s chief economist, said: “Longer term interest rates, which underpin mortgage pricing, have increased sharply in recent months, in response to data indicating that underlying inflation in the UK economy is not moderating as fast as expected.” He added a “sharp” increase in borrowing costs is “likely to exert a significant drag on housing market activity in the near term.” 
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