UK Nationwide: House Market Remains Lackluster Through June

–Nationwide: UK June House Prices Flat M/M; -1.1% Y/Y

LONDON (MNI) – UK house prices flatlined through June, remaining
unchanged on the month at a level 1.1% lower than the same month of
2010, according to the latest Nationwide house price index.

Nationwide said that the 3-month on 3-month rate of increase slowed
to 0.3% compared with the 0.6% rate seen through May.

Commenting on the figures, Robert Gardner, Nationwide’s Chief
Economist, said:

“Housing market demand has remained subdued of late, as evidenced
by the still weak level of mortgage applications in recent months and
the sluggish pace of new buyer enquiries reported by surveyors. There
have been a few encouraging developments for households, but to date
this hasn’t been enough to reinvigorate the housing market,” Gardner
said.

Bank of England Monetary Policy Committee David Miles told the
Treasury Select Committee on Tuesday that, “We might be looking
for 2012-13 for (housing market) transactions to be moving back to a
more normal level. I think it’s that kind of timescale.”

–London newsroom: 4420 7862 7492; email: ukeditorial@marketnews.com

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