House prices have fallen for the fourth time in five months, says the Nationwide building society.
The fall of 0.7% in July means prices are now 2.6% lower than they were a year ago, at an average of £164,389.
On Monday, figures indicated that the property market is heading for a new downturn, with new mortgage approvals at their lowest since 2010.
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"This disappointing outturn can be only partly explained by unusually wet weather and the impact of an extra bank holiday during the quarter," he pointed out.
BBC News - House prices still falling, says Nationwide
The fall of 0.7% in July means prices are now 2.6% lower than they were a year ago, at an average of £164,389.
On Monday, figures indicated that the property market is heading for a new downturn, with new mortgage approvals at their lowest since 2010.
...
"This disappointing outturn can be only partly explained by unusually wet weather and the impact of an extra bank holiday during the quarter," he pointed out.
BBC News - House prices still falling, says Nationwide
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