UK home prices hit a low not seen since 2012

Prices fell 0.1 percent across the country from June 2019 to June 2020

New York Weekend Edition /
Jul.July 05, 2020 12:00 PM
(iStock)

(iStock)

Home prices in the United Kingdom dropped ever so slightly year-over-year in June, the first annual drop since December 2012.

Pricing across the country was 0.1 percent lower last month than it was in June of 2019, according to a study by mortgage lender Nationwide Building Society and reported by the Guardian.

Prices fell by 1.7 percent from May to June, a more significant drop than the 1.4 percent seen in December 2012.

The flattening of prices is directly related to the coronavirus pandemic, said Nationwide’s chief economist Robert Gardner, who called the slowdown “unsurprising.”

Gardner predicts that activity will pick up but remain below pre-pandemic levels as lockdown measures are eased in the U.K.

Better performance in April and May appears to have buoyed the market on a quarterly basis — no region of the country saw pricing drop from Q2 2019 to Q2 2020. [The Guardian] — Dennis Lynch 


Related Articles

arrow_forward_ios
(Photo Illustration by The Real Deal with Getty)
Office attendance finally reaches 50%
Office attendance finally reaches 50%
(Getty; Illustration by The Real Deal)
TikTokers are office work’s biggest cheerleaders
TikTokers are office work’s biggest cheerleaders
Developer Geoff Palmer with one of his properties (Getty, G.H. Palmer Associates)
Geoff Palmer’s lawsuit over tenant protections tossed by judge
Geoff Palmer’s lawsuit over tenant protections tossed by judge
United Kingdom Chancellor of the Exchequer Kwasi Kwarteng
Turmoil hits United Kingdom mortgage market
Turmoil hits United Kingdom mortgage market
(Photo Illustration by The Real Deal with Getty Images)
Office occupancy stalls after Labor Day push
Office occupancy stalls after Labor Day push
John Lennon, 1 Blomfield Road in Liverpool, United Kingdom (Getty, Google Maps)
Imagine: John Lennon family home up for auction
Imagine: John Lennon family home up for auction
RXR CEO Scott Rechler and 620 Sixth Avenue (Photo Illustration by Steven Dilakian for The Real Deal with Getty Images, Beyond My Ken, CC BY-SA 4.0 - via Wikimedia Commons)
RXR sues insurers over infectious disease coverage
RXR sues insurers over infectious disease coverage
Moderna's Tracey Franklin and St. Regis Residences Boston (Getty, Moderna)
Boston’s luxury boom comes courtesy of Moderna
Boston’s luxury boom comes courtesy of Moderna
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...