-House Prices Flat On The Month; Down 1.2% On The Year
LONDON (MNI) – House prices were flat on the month in November
after having risen 0.6% in October, according to the latest House Price
Index from Nationwide.
The Nationwide data show moderate levels of house price deflation,
with October prices down 1.2% on the year compared to down 0.9% in
October and a 1.4% drop in September.
Analysts had expected a very slight increase in prices, with the
median forecast predicting a 0.1% rise in prices on the month in
November.
The average UK house price stood at stg163,853 in November, up from
the stg162,228 trough seen in January but below the 2012 peak of
stg165,738 seen in June.
The Nationwide data, based on mortgages, contrast with data from
Land Registry which include cash transactions and show there was still
modest house price inflation in England and Wales in October.
Overall, house price surveys for 2012 have shown monthly movements
in both directions with, at worst, modest yearly price deflation.
Commenting on the data, Robert Gardner, Nationwide’s chief
economist, said:
“The annual rate of house price inflation remained in negative
territory for the ninth month in a row in November. However, the pace
of decline remained extremely slow, with prices just 1.2% below the
level prevailing in November 2011.”
–London newsroom: +44 20 7862 7492; email: wwilkes@marketnews.com
[TOPICS: M$B$$$,MABDS$]
