-Oct House Prices Up 0.6% m/m; Fall 0.9% y/y
LONDON (MNI) – House prices rose 0.6% in October after having
fallen 0.4% in September, according to the latest House Price Index from
Nationwide.
The Nationwide data show moderate levels of house price deflation,
with October prices down 0.9% on the year compared to down 1.4% in
September and a 0.7% drop in August.
Analysts had expected only a slight bounceback from the September
monthly fall, with the median forecast for a 0.2% rise on the month in
October.
The average UK house price stood at stg164,153 in October, up
from the stg162,228 trough seen in January but below the 2012 peak of
stg165,738 seen in June.
The Nationwide data, showing modest price deflation on the year,
contrast with data from Land Registry which showed there was still
modest house price inflation in England and Wales in September, with
London property price gains far outstripping those in other regions.
Overall, house price surveys for 2012 have shown monthly movements in
both directions with, at worst, modest price deflation on the year.
Commenting on the data, Robert Gardner, Nationwide’s chief
economist, said:
“The annual pace of change continues to display a picture of
relative stability, with house prices down just 0.9% compared to October
2011. This maintains the pattern that has been evident since late 2010,
with annual price growth remaining in a narrow band between +1.5% and
-1.5% on all but two occasions over the past two years.”
-London newsroom: +4420 7862 7491; e-mail: wwilkes@marketnews.com
[TOPICS: M$B$$$,MABDS$]
