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MSE News: Nationwide: house price growth slowing

edited 30 October 2009 at 10:21AM in Debate House Prices & the Economy
56 replies 950 views
Former_MSE_NatashaFormer_MSE_Natasha Former MSE
672 Posts
edited 30 October 2009 at 10:21AM in Debate House Prices & the Economy
This is the discussion thread for the following MSE News Story:

"House prices rose by 0.4% in October, according to the Nationwide house price index ..."

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The two threads have been merged to prevent duplication. Thanks to Spiv for the original post.
«13456

Replies

  • edited 30 October 2009 at 8:13AM
    Spiv_2Spiv_2 Forumite
    280 Posts
    edited 30 October 2009 at 8:13AM
    UK house prices were higher year-on-year in October - the first annual rise for 19 months, the Nationwide has said.
    Property prices were 2% higher in October than in the same month the previous year, with the average home costing £162,038.
    But the pace of monthly price rises has eased - going up by 0.4% - and the building society said that values could plateau in the autumn months.
    This could be due to more sellers returning to the market, it said.
    Supply
    The recent rises in house prices have been driven in part by the lack of properties on the market, despite more people looking to buy.
    _46635630_house_prices_10_09_466gr.gif
    http://news.bbc.co.uk/1/hi/business/8332861.stm

    http://www.nationwide.co.uk/hpi/
  • purchpurch Forumite
    9.9K Posts
    Gosh :eek:....
    'In nature, there are neither rewards nor punishments - there are Consequences.'
  • Rise was less than expectations though :confused:
    Please take the time to have a look around my Daughter's website www.daisypalmertrust.co.uk
    (MSE Andrea says ok!)
  • 07:00 30Oct09 UK Nationwide: House Price Rise Moderates In Oct

    LONDON--U.K. house prices rose less than expected on a monthly basis in October, but still posted their first increase in annual terms for 19 months, the Nationwide Building Society said Friday.

    The price of a typical home rose 0.4% on a seasonally-adjusted basis in
    October to GBP162,038 following a 0.9% increase in September and 1.4% gain in each of the two months before that.

    But although October's rise was the weakest of the last six consecutive
    month-on-month increases, it left prices 2.0% higher than in October last year, the first annual increase since March 2008.

    Economists were expecting the Nationwide house price index to rise 0.7% on the month and 1.9% on the year in October, according to a Dow Jones Newswires survey of economists last week.

    "A moderation in the rate of house price inflation was to be expected, as the very strong monthly increases seen over the summer months were unlikely to be sustainable over the long run," Martin Gahbauer, Nationwide's chief economist, said in a note.

    Although house prices have risen 4.6% over the first 10 months of this year,
    they remain 13.1% below their October 2007 peak, he said.

    House prices have been squeezed higher in recent months by a combination of pent-up demand and a shortage of property for sale on the market. Low interest rates have also helped support the market.

    Gahbauer said the moderation in the monthly increase seen in October may be due to a more "natural" level of stock becoming available for sale.

    The three-month on three-month rate of change of house prices, which is
    generally a smoother indicator of the near-term trend, dropped back to 3.4% in October from 3.8% the previous month, Nationwide said.

    Gahbauer said official figures showing U.K. gross domestic product contracted 0.4% on a quarterly basis between July and September were a double-edged sword for the housing market because they suggested demand could remain weak but mortgage rates may also remain lower for longer.

    Web site: www.nationwide.co.uk
    Please take the time to have a look around my Daughter's website www.daisypalmertrust.co.uk
    (MSE Andrea says ok!)
  • I welcome these NW rises - as each one seems to precipitate a new tranche of lower priced property.
  • With banker's bonuses now cascading in, London prices are way up again. Anyone who's out the market has missed this boat!
  • julieqjulieq Forumite
    2.6K Posts
    I welcome these NW rises - as each one seems to precipitate a new tranche of lower priced property.

    That's the spirit, never say die!
  • amcluesent wrote: »
    With banker's bonuses now cascading in, London prices are way up again. Anyone who's out the market has missed this boat!

    Presumably anyone who wants to move or sell will have to sell to somebody who is out of the market though? (esp if selling a flat)
    Prefer girls to money
  • Really2Really2 Forumite
    12.4K Posts
    Rise was less than expectations though :confused:

    Well for most of this year the rise as been more than forecast every month. makes a change for an under forecast to come in.
    But one things for sure there has never been a correct prediction this year.;)
  • poppy10_2poppy10_2 Forumite
    6.5K Posts
    Part of the Furniture 1,000 Posts Name Dropper
    Forumite
    Prices now only 13% below their 2007 peak.
    poppy10
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