Property prices see little change in September

Posted: 29 Sep 2011 11:08:39 GMT

House prices for September show little change.

Property prices have seen little change this month, with the value of homes on the market inching up by 0.1 per cent.

According to Nationwide, this is still lower than house values recorded a year ago, with figures today coming in at 0.3 per cent less than in 2010.

The building society's chief economist Robert Gardner observed that slow-moving demand for property and the weak conditions of the marketplace, in addition to the barely gradual rise in supply of available houses, has helped maintain stability since summer last year.

He said property prices continued to "tread water", adding: "We expect this trend to be maintained over the remainder of 2011, although downside risks have increased as UK and global growth prospects have weakened."

Last month, Halifax revealed that house prices showed a modest increase on a quarterly basis, with the average cost of a property in August coming in at £161,743.

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