Nationwide: flat housing market is going nowhere

 
Julian Harris
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HOUSE prices flatlined in June, with the market seeming to be in the midst of an extended period of stagnation.

Prices were unchanged in June after a 0.3 per cent rise in May and a 0.2 per cent drop in April, according to a Nationwide survey released yesterday.

“The property market has moved sideways over the past six months, and June’s data suggest that trend is being maintained through the summer months,” said Nationwide economist Robert Gardner.

“It’s hard to make the case for prices rising or falling sharply over the remainder of 2011 if the economy develops as we expect,” Gardner added.

Prices were up 0.3 per cent on the three-monthly measures, which irons out some monthly volatility, yet remain 1.1 per cent below price levels in June 2010.