Property prices up 0.4%, says Nationwide

Posted: 02 Nov 2009 10:58:47 GMT

Average property prices in the UK grew 0.4 per cent in October, according to Nationwide Building Society.

Data from the financial services provider's latest house price index showed that the typical property was worth £162,038 during the course of the month.

This follows news from the building society that homes in the UK cost an average of £161,816 in September, which was 0.9 per cent higher than the previous month.

Overall, the second and third quarters of 2009 have seen continual inflation in the value of bricks and mortar.

Martin Gahbauer, Nationwide's chief economist, remarked: "House prices rose for a sixth consecutive month in October."

However, he added that "the strong upward momentum in property values seen over the summer is showing some signs of moderating as we head into the autumn months".

In the coming days, Halifax will release its average property prices for October. Monthly figures from this organisation tend to place a higher value on UK homes than Nationwide's estimates.


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