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House prices fall during September

House prices fall during September

Category: Mortgages

Updated: 02/10/2012
First Published: 02/10/2012

MONEYFACTS ARCHIVE
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The average value of a UK home fell by 0.4% last month, to £163,964, in what is proving to be a tumultuous year for buyers and sellers alike.

According to the latest House Price Index from Nationwide, house prices have tumbled by 1.4% since September 2011, despite some fluctuations during quarter two of this year.

As well as typical seasonal adjustments prices, have been impacted by 'one-off factors' this year, namely the stamp duty break coming to an end and the London 2012 Olympic Games.

Chief economist at Nationwide Building Society, Robert Gardner, said: " UK house prices declined by 0.4% in September, after recording a 1.1% rise in August.

"Looking forward, policy measures such as the Bank of England's Funding for Lending Scheme should provide support for activity in the housing market by ensuring the availability of credit and lowering its cost."

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