30/09/2014

Annual Rate Of House Price Growth Slows

A new report has revealed the annual rate of house price growth slowed in September to 9.4%. This is a fall from 11% the previous month.

The findings, released by Nationwide, said that on a monthly basis, prices had fallen by 0.2%. This is the first time a decrease has been recorded since April 2013.

Various regions of the UK also saw house rates vary. For example, London and the South continues to lead the market prices, with prices in the capital said to be 31% higher than those from the last peak of the market in 2007. Elsewhere, prices remain just 1% above pre-recession levels.

In general, the building society said average house prices throughout the UK had fallen to £188,374. In London, the average cost of a house is £401,072.

In addition, while monthly figures showed house prices declined, they still rose by 1.5% over the quarter.

Robert Gardner, Chief Economist at Nationwide, commented: "While September saw a slowing in house price growth, the picture on a quarterly basis (July, August and September combined) was still relatively strong, with all thirteen UK regions recording annual price gains."

However, he added: "The outlook remains uncertain. There have been tentative signs from surveyors and estate agents that buyer demand may be starting to moderate, but the low level of interest rates and strong labour market suggest that underlying demand is likely to remain robust."

(JP/CD)

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