UK house prices fell by 0.2% in September while the annual rate of house price growth is 1.8%, the lowest since May 1996, according to a report by Nationwide.
The report says softer price growth and lower interest rates have renewed buyer interest and predicts house prices will remain stable for some time. Fionnuala Earley, Nationwide’s group economist, says: “Since the end of 2004 the monthly data has been relatively mixed, with several months of small falls and rises, but looking at changes over three months shows the underlying trend more clearly. “According to this measure, house prices growth stalled in the three months to September, with no increase on the previous three months,” she says. But, Earley adds, house prices are still high...
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