House prices down 12.4%
by Gill Montia
Nationwide has published its latest house price index, which shows a 1.7% decline in the cost of the average UK home, in September.
The fall brings the year-on-year decline to 12.4% and puts the price of the average property at £161,797.
According to the building society, prices have now fallen for 11 consecutive months, although there is evidence that prices are stabilising because the rate of decline has remained steady over the past three months.
On a regional basis, Northern Ireland has seen the steepest annual fall, with prices down by 29.8%.
East Anglia and the south west have recorded annual drops of 11.4%.
In the south east and Yorkshire and Humberside prices are down by just over 10%.
In Scotland, prices fell by 5% over the three months to the end September, having risen slightly during the previous quarter.
Nationwide’s chief economist, Fionnuala Earley, is hopeful that UK house prices will continue to grow in real terms in the long-term, despite the sharp correction currently underway.
She adds that the duration of the correction and rate of decline in prices depends on sentiment and an end to the turmoil in the financial markets, which has paralysed the UK mortgage market.
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