US house prices continued to fall in June, suggesting the country’s real estate market has not yet flattened out ahead of an overall recovery. The Altos 10-City Composite Price Index showed a decline in prices of 0.5 per cent in June and a fall of 0.8 per cent over the past three months.

Las Vegas showed the fastest fall rate, declining 3.6 per cent during June, and has now shown the sharpest slide three months in a row. Overall prices of properties listed for-sale increased in 15 of 26 major regional markets.

Analysts said the figures suggested price declines were slowing, but added a widespread slide could happen again in future. Stephen Bedikian, partner and research director for Real IQ, said:

“While the Composite Index continues to show price declines, the rate of decline has slowed recently and more than half of the markets we track are showing sequential asking price increases over the past three months.”

Altos research co-founder Michael Simonsen said:

“Inventory continues to increase which is typical during the seasonally strong spring and summer seasons.”The true test will come in the fall when the market experiences seasonal weakness. If inventory, especially foreclosure listings, piles up too quickly, prices may start declining broadly again.”

The smallest of the UAE states has sealed a key project which will transform its tourism and leisure industry. Tanmiyat Group announced its Ajman Marina project had taken a giant step forward with the registration of development plots.The residential and commercial development will cost $3 billion (£1.5 billion) to build and will be constructed in two phases.

Ajman itself represents an up-and-coming prospect for UAE property investment professionals, smaller than Dubai and still making its way into the international limelight. Abdullah Al Majed, of Ajman Marina’s board of directors, said:

“Ajman Marina is one the most exciting projects in the region at the moment, and we are extremely proud to take this step forward, and to have been given this opportunity.”

Construction of a dedicated sales centre for the development is now under way, with 8,000 freehold residential units set to make up the project.The development will also feature a yacht club and residential towers with a view of the marina, plus leisure and commercial facilities.

It is set to be fully complete by 2013 with Tanmiyat vowing to make the marina “a fully complete city including amenities for all family members”.

A UK house builder is reporting the “most challenging period” in its recent history as it feels the impact of the country’s housing market slump. Persimmon said its sales were being restricted by the reduced availability of mortgages and low consumer confidence.

Estate agent Savills is also among housing-related firms feeling the pinch, with its share price falling more than 10 per cent on Tuesday. Persimmon said its completions were down 31 per cent during the six months to June 30 and said the average selling price achieved during this period was £181,500.

A trading statement released by the firm read:

“As previously reported margins have been under increasing pressure as a result of this significant downturn in the market.”

Persimmon also said a restructuring process had so far seen 1,100 members of staff laid off since the beginning of the year. The firm said the redundancies were necessary in order to generate a cash saving of some £45 million per year.Persimmon’s statement also revealed it had a forward sales order book of £650 million, eight per cent greater than the same figure it had on January 1 but 30 per cent lower than at the same date in 2007.

Last week the firm issued a statement from Claire Jarvis, sales manager for Persimmon Homes Mercia, saying

“While the national press perpetuates negative stories about the property market, in contrast we are seeing continued demand across all our developments.”