The latest house price index from Nationwide has revealed that residential property values in the UK were unchanged in June compared to May this year. However, they were 1.1 per cent lower than in June 2010.
Robert Gardner, chief economist at the organisation, commented: "Stability remained the theme in June, with house prices flat over the month." He went on to add that: "The property market has moved sideways over the past six months," predicting that this looks set to continue for the foreseeable future.
However, those looking for a real estate investment may want to turn their attention to London and Wales, which were the two regions to record the largest quarterly increase in prices. Property in the capital was up 2.6 per cent, while Wales saw a hike of 2.1 per cent.
Constraints on supply, a stronger than expected economic recovery and demand from foreign buyers were all cited as reasons for London's house price rises by the financial institution.