Slight Increase in House Prices- Says Nationwide

The Nationwide Building Society claimed that the house prices in September increased slightly by 0.1%.The average house price stood at £166,757 and the annual house price inflation decreased to 3.1% from 3.9% in August and 6.6% in July.

Mr. Martin Gahbauer, chief economist, Nationwide said that although three month rate of change had turned negative, it was not pointing to a significant pace of decline in property values at this stage. The future trend of house prices would depend on the number of houses coming into the market and the seller’s ability to compromise on asking prices for sale, he added.

Mr. Howard Archer of IHS Global insight said that house prices were volatile from month to month and attention should be focused on the underlying trend rather than on one month’s figures. According to him, a low increase of 0.1% in house prices following drops of 0.8% and 0.5% in the previous two months was hardly a robust performance.

The Land Registry records also indicated slowing trend in house prices although prices rose by an average of 0.3% in August.

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