House prices have continued to show strong growth in October, despite weak demand, according to Nationwide's latest house price index.
House price growth increased slightly compared to last month but Nationwide says market activity is slowing. The index shows house prices grew 1.1% between September and October, up on last month’s figure of 0.7%. Annualised figures put growth at 9.7% in October, up from 9% in September. However, Nationwide says it would be misguided to think house prices are immune to affordability and credit conditions. Fionnuala Earley, chief economist at Nationwide, explains: “Surveyors are reporting the weakest levels of new buyer inquiries in many years and mortgage approvals are falling from r...
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