Nationwide warns the UK is facing an increased risk of recession after noting a 1.7% fall in July house prices.
Figures released this morning show July’s decline was more than double the previous month, bringing the annual price fall to 8.1%. House prices have now descended for nine consecutive months, with the average home currently valued at £169,316 – almost £15,000 less than this time last year and the lowest level since August 2006. “The latest batch of economic data has been fairly poor. GDP estimates for the second quarter show a slowing in each of the main economic sectors,” Nationwide chief economist Fionnuala Earley says. “The risk of an economic recession in the UK is now clearly rising...
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