House Prices Continued To Fall In October

House prices fell by 0.7% according to the latest figures from Nationwide Building Society as the downtrend in home values continues.

Nationwide recorded a 0.7% decline in house prices in October bringing the average price of a house in the UK to £164,381.

Whilst this monthly fall may seem small, the decline in house prices over a three month period has accelerated to 1.5% which points to continuing weakness in the property market.

Many industry experts predict that home values will have remained static over the course of this year. This view is supported by the fact that house prices are now only 1.4% higher than in October 2009.

“If the receHouse prices fell by 0.7% according to the latest figures from Nationwide Building Society as the downtrend in home values continues.

Nationwide recorded a 0.7% decline in house prices in October bringing the average price of a house in the UK to £164,381, 0.7% lower than in September.

Whilst this fall may seem small, the decline in house prices over a three month period has accelerated to 1.5% which points to continuing weakness in the property market.

Many industry experts predict that home values will have remained static over the course of this year. This view is supported by the fact that house prices are now only 1.4% higher than in October 2009.

“If the recent trend in house prices were to continue through November and December, the annual rate of house price inflation would drop to between 0% and -1% by the end of 2010.”

“This would compare to a rate of +5.9% at the end of 2009.”, says Martin Gahbauer, Nationwide’s Chief Economist.