Date issued: 30 Oct 2009
HOUSE PRICES RISE AT SLOWER RATE IN OCTOBER
- House prices rose at a slightly slower pace of 0.4% in October
- Annual house price inflation turns positive for first time since March 2008
- Poor GDP figures have mixed implications for house prices
- Consumer expectations consistent with stable to slightly positive house price inflation
| Headlines |
October 2009 |
September 2009 |
| Monthly index * Q1 '93 = 100 |
322.1 |
320.7 |
| Monthly change* |
0.4% |
0.9% |
| Annual change |
2.0% |
0.0% |
| Average price |
£162,038 |
£161,816 |
* seasonally adjusted
Commenting on the figures Martin Gahbauer, Nationwide's Chief Economist, said:
"House prices rose for a sixth consecutive month in October, but the strong upward momentum in
property values seen over the summer is showing some signs of moderating as we head into the autumn
months. The price of a typical property was 0.4% higher on the month in October, compared to an
increase of 0.9% in September and 1.4% in both July and August. The 3 month on 3 month rate of
change – generally a smoother indicator of the near term trend – dropped back slightly from 3.8% to
3.4%. At £162,038, the average price of a typical UK property was 2.0% higher than a year earlier,
representing the first time since March 2008 that the annual rate of change has been in positive territory.
Over the first ten months of 2009, the seasonally adjusted index of house prices has risen by 4.6%,
though relative to the October 2007 peak it is still down by 13.1%."
For further information please see our October 2009 report (PDF 49KB).
