House prices fall for first time since February

Annual rate of house price inflation drops to 6.6% as demand from homebuyers remains subdued in face of uncertain climate



House prices fell in July for the first time since February as demand subdued due to a lack of credit and nerves on the part of homebuyers reluctant to make commitments in the face of the economic outlook.

The average price of a UK property fell to £169,347 from £170,111 last month, according to the figures published by Nationwide Building society today


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