United Kingdom: House prices rise slightly in September
September 29, 2011
In September, the average price of a typical property in the U.K. increased a seasonally adjusted 0.1% over the previous month to GBP 166,256, based on data collected by the mortgage lender Nationwide Building Society (NBS). The reading contrasted a 0.6% decline in August and market expectations that had house prices unchanged in September. On an annual basis, house prices moderated for a sixth straight month and were down 0.3%, virtually unchanged from the 0.4% drop in August. Compared to the peak reached in October 2007, prices were down 10.6%. According to NBS, the property market is likely to remain weak due to sluggish demand for homes on the back of weak labour market conditions, combined with only a gradual rise in the supply of available properties.