October saw a slight rise in house prices of 0.4%, according to mortgage lender Nationwide. This is on top of a 0.1% rise in September. This is 0.8% higher than this time last year.
Chief Economist at Nationwide, Robert Gardner says ‘Given the challenging economic backdrop, October’s data is encouraging, but it doesn’t fundamentally change the picture of a housing market that is treading water. Property transaction levels remain subdued, and prices essentially flat compared to last year.
‘The outlook remains uncertain, but with the UK economic recovery expected to remain sluggish, house price growth is likely to remain soft in the period ahead, with prices moving sideways or drifting modestly lower over the next twelve months.’
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