By Marcus Leach
Research by Nationwide suggests that the UK housing market has moved sideways in the last six months as house prices remained unchanged for June.
Figures released show that for the same time last year the value of a typical house had dropped 1.1%, and remains unchanged from May of this year.
Nationwide say that the average cost of a home in the UK currently stands at £168, 205, with prices not expected to change much throughout the rest of 2011.
"The property market has moved sideways over the past six months, and June's data suggest that trend is being maintained through the summer months," said Robert Gardner, Nationwide's chief economist.
"It is hard to make the case for prices rising or falling sharply over the remainder of 2011 if the economy develops as we expect.
"Economic growth looks set to gather pace in the months ahead, but is likely to remain unspectacular. This in turn points to only modest gains in employment and sluggish wage increases, which will continue to keep many potential buyers on the sidelines."
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