House prices stall

Published:  30 June, 2010

LONDON: House prices rose in June but by only 0.1% according to the Nationwide building society.

The rise follows a 0.5% increase in May and prices have risen by 3% since the start of the year, the Nationwide's house price index showed.

However, the rate of annual house price inflation fell again to 8.7%, with prices rising more slowly than they did this time last year.

However, regional variations show house prices in Northern Ireland still falling and the market is the weakest of any in the UK. On an annual basis, prices were down 5.2% - a slight deterioration from the 3% year-on-year fall in the first quarter. Nationwide's chief economist Martin Gahbauer noted that unemployment has continued to rise in Northern Ireland and is the joint highest across the building society's house price regions.

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