House price inflation grew by 0.7% in October taking the annual rate of inflation down slightly from 8.2% in September to 8% now, new figures from Nationwide reveal.
The price of the average property has risen only slightly as a result from £169,413 last month to £169,623 now. But overall house prices have risen £12,500 in the last twelve months. While the rate of inflation fell back this month to 0.7% from 1.3% in September the quarterly growth rate increased to 2.6% representing the fastest pace since September 2004. Fionnuala Earley, Nationwide's group economist, says recent housing market indicators have been firm while the latest approvals data from the Bank of England shows the August rate rise did little to curb demand for property. “The numbe...
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