Summary
UK house prices dropped by 0.8% in June, marking the largest monthly decrease since February 2023, according to data from Nationwide. Despite this decrease, prices were still 2.1% higher compared to the same time last year. Nationwide expects the housing market to become more active in the coming months.
Key Facts
- House prices in the UK fell by 0.8% in June 2023.
- This was the largest monthly drop in over two years.
- Annual house price growth slowed to 2.1%.
- Nationwide expects the housing market to recover soon.
- The unemployment rate in the UK remains low.
- Earnings are currently growing faster than inflation.
- Borrowing costs might decrease if interest rates are cut.
- Changes in stamp duty tax affected the housing market dynamics.
