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UK house prices fall by most since November 2022, Nationwide data shows
Economists polled by Reuters had previously forecast a 0.2 percent monthly increase.
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Reuters - Tue, 01, Jul 2025
- 02:52 EDT
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New residential homes are seen at a housing estate in Aylesbury, Britain, February 7, 2017. / REUTERS/Eddie Keogh
British house prices fell by 0.8 percent in June, a sharper fall than forecast and the biggest monthly decline in more than two years, as a discount on property transactions ended, data from mortgage lender Nationwide showed on July 1.
Economists polled by Reuters had forecast a 0.2 percent monthly increase.
For the year, house prices were 2.1 percent higher than a year ago, below a 3.5 percent rise in May and lagging a consensus for a 3.1 percent annual increase.
"The softening in price growth may reflect weaker demand following the increase in stamp duty at the start of Apr.," Robert Gardner, chief economist at Nationwide, said.
"Nevertheless, we still expect activity to pick up as the summer progresses, despite ongoing economic uncertainties in the global economy, since underlying conditions for potential homebuyers in the UK remain supportive."
Other measures of Britain's housing market have shown a mixed picture after the expiry of a temporary tax discount scheme for first-time homebuyers ended.
Bank of England data on June 30 showed lenders approved more mortgages than expected in May, helped by lower borrowing costs.
The BoE held interest rates at 4.25 percent last month, and investors expect the central bank to reduce borrowing costs in two further quarter-point moves to 3.75 percent by the end of the year.
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