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(CEP News) Frankfurt - According to the Nationwide Building Society, house prices in the UK fell 1.7% month-over-month in seasonally adjusted terms in July, adding to the 0.8% decline seen in June. Economists had expected a less severe 1.2% drop while June's reading was revised up from an initial figure of -0.9%.
On an annual basis, house prices fell 8.1% compared to the expected decline of 7.3% as well as June's 6.3% fall in prices. "This (the monthly and yearly declines) brings the average price to £169,316, almost £15,000 less than this time last year and its lowest level since August 2006," Nationwide chief economist Fionnuala Earley said in a press release. "House prices have now been falling for nine consecutive months, but on average are still almost £11,000 higher than three years ago." By Todd Wailoo,
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, edited by Nancy Girgis,
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