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(CEP News) Frankfurt - On Tuesday, the Nationwide Building Society reported that house prices in the UK slipped 0.9% on a monthly basis in June. Economists had expected a slightly stronger decline of 1.0% after house prices had dropped 2.5% in the previous month.
Without adjusting for calendar effects, UK house prices tumbled 6.3% following May's 4.4% fall. Economists had expected a decline of 6.4% in annualized terms. "The price of a typical house is now £172,415. This is over £13,500 less than it would have cost at the top of the market and over £11,500 less than this time last year," Nationwide chief economist Fionuala Earley said in a press release. "However, the strength of house price growth up until last year means that prices are still 4% higher than two years ago and 9% higher than three years ago." By Todd Wailoo,
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