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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 It is now over 6 months old so the content may be out of date.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."

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