Prices drop by £11.5k in a year - Financial Services Recruitment - Emu Consulting

The avergae house price has fallen by more than £11,500 in the past year, acording to figures released by Nationwide.

However, according to its monthly index, prices were down 0.9 per cent from May to June, compared to 2.5 per cent between April and May. The average UK home now costs £172,415.

Fionuala Earley, chief economist for Nationwide, said: ''The pace of house price falls slowed significantly in June.

''Prices in June are now 6.3 per cent lower than this time last year and have fallen 7.3 per cent from their peak last October.

''The price of a typical house is now £172,415. This is more than £13,500 less than it would have cost at the top of the market and more than £11,500 less than this time last year. However, the strength of house price growth up until last year means that prices are still 4 per cent higher than 2 years ago and are 9 per cent higher than 3 years ago.