|  | | | 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
| Headlines | | July 2008 | | June 2008 | | | | Monthly index * Q1 '93 = 100 | | 336.3 | 342.0 | | Monthly change* | | -1.7% | | -0.8% | | | | Annual change | | -8.1% | | -6.3% | | | | Average price | | £169,316 | £172,415 | *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" | | | | For further information and to see this month's full report please click here | | |
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