Unexpected Plunge in British House Prices Raises Eyebrows
House prices in the UK experienced a surprise decline of 0.8% in June, as noted by Nationwide. This downturn follows the expiration of a tax break on property sales, signaling a potential slowdown. Forecasts had anticipated growth, but the annual increase was a mere 2.1%.
- Country:
- United Kingdom
In an unexpected development, British house prices fell by 0.8% in June, according to data released by mortgage lender Nationwide on Tuesday. This decline signals a possible slowdown in the property sector, occurring in the wake of a recently ended tax break on house sales.
Economists who participated in a Reuters poll had predicted a modest 0.2% increase in monthly house prices, alongside a 3.1% annual rise. The actual figures fell short of these projections, adding to market concerns.
Over the 12 months to June, house prices saw a weaker-than-anticipated increase of just 2.1%. This underperformance raises questions about the future vigor of the housing market.
(With inputs from agencies.)
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