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Investing.com -- British house prices fell by 0.8% in June, marking the largest monthly decline in more than two years, according to data released by mortgage lender Nationwide on Tuesday.
The drop was steeper than expected, as economists had forecast a 0.2% monthly increase in house prices.
The sharp decline coincided with the end of a discount on property transactions in Britain.
On an annual basis, house prices were 2.1% higher than a year ago, which represented a slowdown from the 3.5% annual rise recorded in May.
This yearly increase also fell short of economists’ expectations, which had projected a 3.1% annual growth.
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