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House prices bounce back in October

Tuesday, 1 November 2011 9:09 AM

The annual rate of house price inflation is back in positive territory for the first time since March, according to figures out today from the Nationwide.

The building society said prices rose by an “encouraging” 0.4 per cent in October and were up 0.8 per cent on a year ago at an average of £165,650.

“But it doesn’t fundamentally change the picture of a housing market that is treading water,” said Nationwide chief economist Robert Gardner. “Property transaction levels remain subdued and prices essentially flat compared to last year.”

He added that the outlook was uncertain thanks to the sluggish UK economic recovery. “House price growth is expected to remain soft in the period ahead, with prices moving sideways or drifting modestly over the next 12 months.”

The Nationwide also noted a shift in the balance of home sales, with more transactions in more prosperous areas and fewer in less affluent ones.

House purchases in areas classified as "wealthy achievers" are up three percentage points since 2008 whereas transactions in "hard pressed" areas are down two points.

That could be because people in professional occupations have seen employment and real pay growth hit far less over the past three years than people in lower-paid work.

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A turbulent start to the year for house prices had been widely forecast. Image:Thinkstock

House prices move back into negative territory

Nationwide says one per cent fall in prices in March reflects end of stamp duty holiday.

 The UK economy slipped into a double-dip recession last week.

House prices slip in wake of stamp duty holiday

Faltering economy and fragile confidence mean market set to be subdued for next 12 months, says Nationwide.
House prices have been flat since October 2010.

'Temporary' rise in house prices set to cool

Rush by first-time buyers to beat end of stamp duty holiday caused price rise in February, says Nationwide.

Nationwide say that consumer expectations about the future are well down.

Consumers expect house price fall

Consumer confidence falls to second-lowest level ever as unemployment and falling incomes bite, says Nationwide.

House prices fell by a substantial 8.7 per cent in Northern Ireland.

House prices end 2011 marginally higher

Prices rise one per cent, says Nationwide, and market stagnation set to continue next year.

Nationwide's index of consumer confidence fell to an all-time low in October.

House prices set to remain soft in 2012

Nationwide says rising unemployment and low wage growth counteracted by low building rates and ultra-low interest rates.

Nationwide said the fall was not surprising given conditions in the wider economy.

Advantage buyers in flat housing market

Nationwide records 0.2 per cent decline in prices in January but says shortage of supply will limit further falls.

Sellers of two-bed houses (one per cent) and studio flats (1.7 per cent) increased their asking prices by the least.

Asking prices bounce back in first quarter

London and the South East lead the way as UK prices rise by an average of 1.8 per cent, says FindaProperty.com.
Slight rise in prices this month

House prices mostly static in September

House prices rose by just 0.1 per cent in September, Nationwide's latest figures reveal.

 Average mortgage payments are now at their lowest proportion of disposable earnings for a new borrower for 14 years.

House prices edging down despite January bounce

Housing market set for stability on back of low interest rates and rising employment unless Eurozone crisis deepens, says Halifax.

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