House prices rose just 0.2% in July, as the combination of low demand and slowly increasing housing supply continued to kept values flat, according to Nationwide.
Its house price index showed the average property price in July was £168,731, down 0.4% on July 2010. The three-month on three-month change in house prices also saw little movement in July, up 0.3% compared to 0.4% in June. Meanwhile, property transaction volumes remain at historically low levels, with 204,000 recorded in Q2 2011 - the lowest level since Q2 2009. Robert Gardner, chief economist at Nationwide, said: "Stability has been the watchword for the UK housing market over the past 12 months. Sluggish demand for homes, combined with only a gradual rise in the supply of availa...
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