House prices plunge another 0.9%

House prices in the UK fell by a further 0.9% on average in June, according to the latest survey from Nationwide Building Society.

House prices are now 6.3% lower than a year ago, although the fall in June was not as severe as the 2.5% drop in prices during May.

The average UK home now costs £172,415 and is £13,629 cheaper than in October last year.

Nationwide reported that the Scottish housing market is proving more resilient than elsewhere.

Although prices in the three months to June had fallen in Scotland by 1.8% compared with the previous quarter, it was the only area to see an annual growth, up 0.6%.