House prices in the UK continued to trend lower, highlighting the dire straits faced by the property market. According to Nationwide building society, house prices were down 0.9 percent on the month in June for a 6.3 percent annual fall.

The price of a typical house is now at 172,415 pounds. The consensus analyst forecast was for prices to have fallen by 1.0 percent on the month for a hefty 6.4 percent annual drop, after corresponding falls of 2.5 percent and 4.4 percent in May respectively.