House price inflation was at its lowest level for close to three years in December, Nationwide has said.
Property prices fell 0.2 per cent in December, making annual house price inflation 12.7 per cent.
In July 2004 house prices stood 20 per cent above their 2003 levels, but since then this figure has dropped month on month as gains last year did not match those in 2003.
Alex Bannister, Nationwide's group economist, noted: "Over the first seven months of the year prices rose 11.4 per cent but since July prices have increased by only 1.2 per cent.
"December's fall in the price of the average house was the second monthly fall in the last three months. Despite this, house prices are up 0.7 per cent (2.8 per cent on an annualised basis), compared to three months ago."To find out more about UK property, click here.
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