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House prices mostly static in September

Thursday, 30 September 2010 6:00 PM

House prices barely moved in September, edging up just 0.1 per cent, according to the latest figures from Nationwide.

The average property value went from £166,507 in August to £166,757 this month.

Martin Gahbauer, Nationwide's chief economist, said that although there was little movement in house prices, the three-month rate of change fell from zero per cent in August to -0.9 per cent in September, marking the first negative reading since May 2009.

"Where house prices go next will depend on whether the strong flow of new property onto the market continues into the autumn, and on the extent to which existing sellers are willing to compromise on their asking price in order to make a quicker sale," he commented.

The National Association of Estate Agents recently warned that predictions of falling house prices between London and Birmingham caused by the High Speed 2 rail line could become a "self-fulfilling prophecy".

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