Date issued: 2 Oct 2009
HOUSE PRICES NOW AT THE SAME LEVEL AS SEPTEMBER 2008
- House prices rose by 0.9% in September, the fifth consecutive monthly increase
- High supply of rental property raises questions about durability of price recovery
| Headlines |
September 2009 |
August 2009 |
| Monthly index * Q1 '93 = 100 |
320.6 |
317.8 |
| Monthly change* |
0.9% |
1.4% |
| Annual change |
0.0% |
-2.7% |
| Average price |
£161,816 |
£160,224 |
* seasonally adjusted
Commenting on the figures Martin Gahbauer, Nationwide's Chief Economist, said:
The recent upward momentum in house prices has continued into September, with the price of a typical house increasing by 0.9% on a seasonally adjusted basis. The 3 month on 3 month rate of change generally a smoother indicator of the near term trend rose from 3.3% in August to 3.8% in September, the highest level since August 2004. At £161,816, the average price of a typical UK property was essentially unchanged from a year earlier, representing the first time since March 2008 that the year-on-year rate of change has not been negative. Over the first nine months of 2009, the seasonally adjusted index of house prices has risen by 4.1%, though relative to the October 2007 peak it is still down by 13.5%.
For further information please see our September 2009 report (PDF 48KB).
