'UK sees slowing down of house price falls'

The latest figures from Nationwide have shown that house prices fell at a slower rate during June than the previous month.

At the end of the month, the average house price in the UK stood at £172,415, which was down from £173,583 at the end of May.

This figure was down 0.9 per cent month-on-month, but the fall "slowed significantly" compared to the 2.5 per cent drop experienced from April to May.

House prices in June were 6.3 per cent lower than at the same stage last year.

Fionnuala Earley, Nationwide''s chief economist, said: "However, the strength of house price growth up until last year means that prices are still four per cent higher than two years ago and nine per cent higher than three years ago."

The BBC''s Evan Davis, a former economics editor and now presenter of Radio 4''s Today Programme, has told the Guardian that the media may have helped drive up the housing market "by over-reporting statistics" and not warning people of "impending problems".

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