House Price Index: House prices in the Fall

House prices fell by 1.7% in September. This brings the price of a typical house in the UK to £161,797, 12.4% less than at this time last year. House prices have now fallen for eleven consecutive months, but the monthly rate of fall has been almost unchanged in the last three months. The less volatile three-month-on-three month series has also barely changed for the last three months, after accelerating in the first half of the year. This may suggest the beginning of some stabilisation in the pace of house price falls. In summary:

Read Nationwide's House Price report for August
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  • The price of a typical house fell by 1.7% in September
  • Market weakness not surprising given ongoing turmoil and many risks remain
  • House prices will continue to fall in short term, but longer term prospects are more sound