House price falls continue in July

• The price of a typical house fell by 1.7% in July
• The price of a typical house is now £15,000 lower than this time last year
• Housing purchase activity reaches a new low
• Weakening economic conditions raise the likelihood of earlier interest rate cuts

            *seasonally adjusted

Commenting on the figures Fionnuala Earley, Nationwide's Chief Economist, said:

“The price of a typical house fell by 1.7% in July, bringing the annual fall to 8.1%. This brings the average price to £169,316, almost £15,000 less than this time last year and its lowest level since August 2006. House prices have now been falling for nine consecutive months, but on average are still almost £11,000 higher than three years ago"

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