According to Nationwide's house price index, annual house price growth ground to a halt in June, with property values down by 0.1% year-on-year. This is the first time that annual house price growth has been in negative territory since December 2012.
In June, the average UK house price stood at £216,403, a drop of 1.4% from £218,902 in the previous month. This fall was less severe than a 1.7% decline seen in the May month-on-month figures.
When looking at the whole of the second quarter, all of UK regions saw modest year-on-year growth compared to the same period in 2019. The North West was the best performing region, with annual growth at 4.8%, whereas the North came bottom of the regions, with prices unchanged since last year.
The outlook for property prices remains uncertain.
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Your home may be repossessed if you do not keep up repayments on your mortgage.
As with all insurance policies, conditions and exclusions will apply.