Home prices in UK decline for the first time since 2012

June home prices in Britain in dropped for the first time since 2012 as the country reeled from the coronavirus shock to the economy, mortgage lender Nationwide announced on Wednesday.

Home prices declined 0.1 percent, compared to June of last year.

Prices fell 1.4 percent, not as steep as May’s 1.7 percent drop, the biggest drop in more than 11 years.

A Reuters poll of economists had pointed to an annual rise of 1.0 percent and a monthly fall of 0.7 percent.