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THURSDAY 30TH JUNE 2005  HOUSE PRICES COOL IN FLAMING JUNE UK house prices fell by 0.2% in June, according to Nationwide, while annual price growth fell to 4.1% - the lowest level since July 1996. The average price of a UK house in June was £157,791. Commenting on the figures Fionnuala Earley, Nationwide's group economist, said: "Temperatures soared on centre court, but there is little in the housing market this month to attract attention away from tennis." "While the weather was hotting up, house prices in June cooled, falling by 0.2% when adjusted for seasonal factors." "The trend over the last three months shows the almost horizontal path of price growth this year. Prices in the three months to June were 0.8% higher than the previous three month period. Annual house price growth has now slowed to just 4.1% - compared with 19% this time last year." "Activity levels too seem to have stagnated. After picking up in the early months of the year, the number of approvals for house purchase increased slightly in May to 96,000. Nationwide expects activity to continue at about this level through the summer." Estate agents continue to report stalemates between buyers and sellers on price and without any economic pressure on sellers to reduce prices at the moment, the stock to sales ratio looks set to rise. This cannot continue indefinitely and price expectations will adjust. Nationwide’s index shows that affordability is deteriorating, but if interest rates do move south in the Autumn, this will improve and may mean that only small price adjustments will be necessary to bring some liquidity back to the market. But current affordability is not the only factor to consider; uncertainty about the economic climate is also playing a big role.

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