Date issued: 30 Oct 2008
TWELVE MONTHS OF HOUSE PRICE FALLS
- Prices fall by 1.4% in October
- Reluctance of sellers to reduce asking prices could be hindering market activity
- Recognition that the UK is heading into recession opens door to sharp cuts in rates
| Headlines |
October 2008 |
September 2008 |
| Monthly index * Q1 '93 = 100 |
319.0 |
323.6 |
| Monthly change* |
-1.4% |
-1.5% |
| Annual change |
-14.6% |
-12.4% |
| Average price |
£158,872 |
£161,797 |
* seasonally adjusted
Commenting on the figures Fionnuala Earley, Nationwide's Chief Economist, said:
“House prices in the UK fell for the twelfth consecutive month in October. The price of a typical house is now 14.6% lower than at this time last year, the peak of the market. The typical house price fell by 1.4% in October, around the same rate as the average monthly fall of 1.3% over the last year, but lower than the monthly falls recorded in each of the previous three months. The price of a typical house is now £158,872, almost £30,000 less than a year ago, but to put in context, still almost £30,000 more than five years ago."
For further information please see this month's full report (PDF 50KB).
