Increase in stamp duty has helped weaken demand, as average price drops by 0.8% in June, says Nationwide

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House prices in the UK fell the most in more than two years last month as demand weakened after the end of a tax break, but activity is expected to pick up over the summer.

The average price of a home fell by 0.8% to £271,619 in June, after a 0.4% gain in May, according to Nationwide, Britain’s biggest building society. This is the biggest monthly decline since February 2023. The annual rate of house price growth slowed to 2.1% from 3.5% in May.

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