House prices remain stable in September - Mortgages - News - Moneyfacts

News News brings you the latest financial & economic news & reviews of the best products in the UK by our team of money experts.

House prices remain stable in September

House prices remain stable in September

Category: Mortgages

Updated: 30/09/2010
First Published: 30/09/2010

This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

House prices remained relatively unchanged during September, according to the latest figures from Nationwide.

Prices edged up by 0.1% over the month to leave the average house price at £166,757.

As a result, prices are now 3.1% higher than a year earlier, although this is down from the 3.9% seen in August.

The building society said that house prices had fallen in nine out of 13 UK regions during the third quarter of 2010, with prices for the UK as a whole falling by 1.0% in that time.

Scotland was the worst performing region in the third quarter, with a 3.4% quarter-on-quarter fall.

Meanwhile London continued to outperform, maintaining its position as the top performing region on an annual basis.

The capital also enjoyed its sixth consecutive quarterly rise in prices, with a 0.4% increase recorded in the third quarter.

"Where house prices go next will depend on whether the strong flow of new property onto the market continues into the autumn, and on the extent to which existing sellers are willing to compromise on their asking price in order to make a quicker sale," said Martin Gahbauer, Nationwide's chief economist.

"Many of the new sellers who have marketed their properties may indeed be speculative sellers testing the market in response to the price gains seen since early 2009 and the abolition of home information packs (HIPs).

"If this is the case, and there is little urgency to sell for financial or other reasons, then prices may remain more or less stable, albeit at the expense of market activity."

Find the best mortgage rate - Compare best selling mortgages

Disclaimer: Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.

Related Articles

Homemover numbers fall for first time since 2011

The mortgage market enjoyed a record year in 2016, so it may come as a surprise to hear that the number of people moving home has fallen for the first time in five years, with fewer apparently taking advantage of the market.

2016: the best year for remortgaging since 2009

Remortgaging has certainly seen a surge in activity of late, helped in no small part by the dramatic drop in mortgage rates over the last year, so much so that 2016 as a whole proved to be the best year for the sector since 2009.

Homeowners underestimate remortgaging savings

Remortgaging has been enjoying a surge in popularity in recent months, and considering how much you could save, it’s a no-brainer! Unfortunately, many fail to realise the extent of potential savings, which could mean too few make the switch.