Housing Market Falls Once More

Reporting the state of the housing market since 1991, the Nationwide Building Society has this month seen the largest year on year fall since records began.

The month of June saw a fall of more than 8 percent in property prices compared with 12 months ago said the Nationwide Building Society. From a monetary perspective this means the average UK property can now be bought for GBP15,000 less. Although the initial feeling is a negative one there are lots of positives to take from this fall. First time buyers now need to find a smaller deposit and make a smaller monthly mortgage payment, while those with an existing property should be relatively unchanged. As their house falls in value so does the one they want to move into.

The figures from the Nationwide Building Society survey show this to be the ninth consecutive month of price falls, taking them back to a similar level as those of two years ago.