DCLG: House prices down 0.8% in September
Official data from the Department for Communities and Local Government (DCLG) today revealed UK house prices fell by 0.8% in September compared with August, with the average UK home costing £211,815.
The quarter-on-quarter growth rate, which is a more reliable indicator or near-term price trend, also fell by 0.7%, compared with a rise of 1.6% in the three months to the end of June.
In the meantime, on an annual basis, house prices are just 6.1% higher, below the 8.1% annual house price inflation reported in August.
House prices are expected to fall during the remainder of the year, according to many experts, and this is because new instructions continue to outstrip buyer demand, which is, in turn, putting downward pressure on prices.
Meanwhile, the ongoing lack of mortgage availability, particularly to first time buyers, continues to be a major factor in the fall of house prices.