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House prices mark time in September

Thursday, 29 September 2011 12:00 AM

House prices are treading water and little changed on a month ago and a year ago, according to the latest Nationwide house price index.

The building society said the average price across the UK rose by 0.1 per cent in September but was down 0.3 per cent on a year ago. It puts the average price of a home at £166,256.

Nationwide figures for the third quarter showed prices were down in eight out of 13 regions, with the change ranging from +1.6 per cent in outer metropolitan London to -4.1 per cent in Northern Ireland.

Robert Gardner, Nationwide’s chief economist, said: “Sluggish demand for homes on the back of weak labour market conditions, combined with only a gradual rise in the supply of available properties, has helped to keep property prices fairly stable since the summer of 2010. We expect this trend to be maintained over the remainder of 2011, although downside risks have increased as UK and global growth prospects have weakened.”

However, he added that falling commodity prices could ease the squeeze on household budgets and low long-term interest rates would help too if strains in the banking system did not intensify.

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