Nationwide HPI October 2011

UK house prices changed little in October

  • House prices increased by 0.4% in October
  • Price of a typical home in October is 0.8% higher than one year ago

Headlines October 2011

September 2011

Monthly Index* 330.9 329.5
Monthly Change* 0.4% 0.1%
Annual Change 0.8% -0.3%
Average Price £165,650 £166,256

* Seasonally adjusted figure (Note that monthly % changes are revised when seasonal adjustment factors are re-estimated)

Commenting on the figures Robert Gardner, Nationwide's Chief Economist said:

"UK house prices increased by 0.4% in October, lifting annual house price growth into positive territory for the first time in six months. The price of a typical home was 0.8% higher than October 2010.

Given the challenging economic backdrop, October's data is encouraging, but it doesn't fundamentally change the picture of a housing market that is treading water. Property transaction levels remain subdued, and prices essentially flat compared to last year.

The outlook remains uncertain, but with the UK economic recovery expected to remain sluggish, house price growth is likely to remain soft in the period ahead, with prices moving sideways or drifting modestly lower over the next twelve months."

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