Flat figures for housing market

The housing market is struggling to make much progress, and latest figures for the month of June from Nationwide show that the market is still subdued, with average prices unchanged at £168,205, after having risen 0.3% the previous month.

Nationwide said that house prices are now lower everywhere except in London, despite a fewer regions increasing over the past three months.

Robert Gardner, the Nationwide's chief economist, said: 'It's hard to make a case for prices rising or falling sharply over the remainder of 2011 if the economy develops as we expect.

'Economic growth is set to gather pace in the months ahead but is likely to remain unspectacular," he added, as a 'combination of low transaction volumes, still tight housing supply and flattish house prices looks set to stay for the remainder of the year.'

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