UK house prices rise unexpectedly in June but annual rate falls
by Mark Sweney from on (#6CKTC)
Nationwide says mortgage crisis likely to exert significant drag' on market activity in coming months
UK house prices have defied expectations by growing slightly in June but annual prices fell at the fastest rate since 2009 as soaring mortgage costs took a toll on the market, according to Nationwide building society.
The surprise monthly rise of 0.1% reversed a 0.1% fall in May and confounded economist forecasts of a 0.3% fall. It pushed the average cost of a house in the UK up slightly to 262,239.
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