{"id":479945,"date":"2011-09-01T08:25:32","date_gmt":"2011-09-01T08:25:32","guid":{"rendered":"http:\/\/www.ghanamma.net\/2011\/09\/01\/prices-of-houses-drop-in-uk\/"},"modified":"2011-09-01T08:25:32","modified_gmt":"2011-09-01T08:25:32","slug":"prices-of-houses-drop-in-uk","status":"publish","type":"post","link":"https:\/\/www.ghanamma.com\/2011\/09\/01\/prices-of-houses-drop-in-uk\/","title":{"rendered":"Prices of houses drop in UK"},"content":{"rendered":"

You Are Here: Home<\/a> \u00bb Africa\/International<\/a> \u00bb Prices of houses drop in UK<\/p>\n

\n

Page last updated at Thursday, September 1, 2011 8:08 AM \/\/ <\/span><\/div>\n

\"\"<\/a>House prices edged lower last month but the overall market is relatively stable, mortgage lender Nationwide has said.<\/p>\n

The average price of a house fell 0.6% month-on-month in August to \u00a3165,914, Nationwide said, which is 0.4% lower than a year ago. Prices increased 0.3% in July.<\/p>\n

Robert Gardner, Nationwide chief economist, said the decline in August did not change the picture of \u201crelative stability that has characterised the market over the past 12 months\u201d.<\/p>\n

Nationwide said house prices actually increased 0.1% over the less volatile three-month measure, though this was lower than the 0.3% increase in the previous three months.<\/p>\n

House prices have declined in two of the the last six months, according to Nationwide, with the last drop in April.<\/p>\n

Mr Gardner said sluggish demand for homes, combined with only a gradual rise in the supply of available properties, had helped to keep property prices stable since last summer.<\/p>\n

He went on: \u201cWe expect this trend to be maintained over the remainder of 2011, although downside risks have increased as UK and global growth prospects have weakened.\u201d<\/p>\n

Mr Gardner said the major risk for the housing market is that weak economic growth could lead to a further deterioration in the labour market.<\/p>\n

He added: \u201cFor some time now the residential property market has been moving sideways, as weak demand for homes co-existed with a situation where relatively few homes were coming on to the market. A further fall in employment would be likely to upset the relatively delicate demand-supply balance and put downward pressure on prices.\u201d<\/p>\n

Nationwide said it only expects house prices to fall modestly for the remainder of 2011.<\/p>\n

Source: Press Association<\/p>\n

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You Are Here: Home \u00bb Africa\/International \u00bb Prices of houses drop in UK Page last updated at Thursday, September 1, 2011 8:08 AM \/\/ House prices edged lower last month but the overall market is relatively stable, mortgage lender Nationwide has said. The average price of a house fell 0.6% month-on-month in August to \u00a3165,914, Nationwide said, which is 0.4% lower than a year ago<\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-479945","post","type-post","status-publish","format-standard"],"yoast_head":"\nPrices of houses drop in UK - Ghanamma.com<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.ghanamma.com\/2011\/09\/01\/prices-of-houses-drop-in-uk\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Prices of houses drop in UK - Ghanamma.com\" \/>\n<meta name=\"twitter:description\" content=\"You Are Here: Home \u00bb Africa\/International \u00bb Prices of houses drop in UK Page last updated at Thursday, September 1, 2011 8:08 AM \/\/ House prices edged lower last month but the overall market is relatively stable, mortgage lender Nationwide has said. 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