United Kingdom: Home prices decline again in September
October 2, 2012
In September, home prices dropped a seasonally adjusted 0.4% over the previous month, according to data collected by the mortgage lender Nationwide Building Society (NBS). The negative figure contrasted the 1.1% rise observed in August and undershot market expectations, which had prices remaining unchanged. Consequently, the price of a typical house in the U.K. fell to around GBP 164,000, which was 1.4% below the value recorded in the same month last year. The reading represents a deterioration compared to the 0.7% annual decline tallied in August. Going forward, Nationwide expects "the UK economy to see a gradual recovery over the next twelve months, with house prices remaining relatively flat or declining only modestly over the same period".