- Robert Gardner, Nationwide Chief Economist
House prices in the U.K. edged lower 0.6 per cent to an average of 165,738 pounds in June, after increasing 0.2 per cent in May, said the Nationwide Building Society on Thursday.
"Economic conditions are expected to remain challenging over the next 12 months," Nationwide Chief Economist Robert Gardner said in the report.
"However, policy makers' efforts to bolster the supply of credit to the economy and to help lower the cost should provide support to demand."
The housing market was "back down to earth with a bump," said Mark Harris, chief executive of mortgage broker SPF Private Clients.
"The Olympics and traditional summer lull mean the next few months look set to be even more challenging," he said.
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