LONDON (MNI) – UK house prices fell 0.3% on the month in November,
and in the three months through November they fell 0.7%, according to
the latest Nationwide survey.
The latest Nationwide data add to the evidence that UK house price
inflation is evaporating. On a year ago house prices were up just 0.4%,
their weakest increase since September 2009.
The last time UK house prices were down on a year earlier in the
Nationwide series was back in August 2009.
“The recent trend of modestly falling house prices continued during
November, with the price of a typical UK property declining by 0.3% on a
seasonally adjusted basis between October and November. The three month
on three month rate of change – a smoother measure of the recent price
trend – rose from -1.5% to -1.3%. This remains well above the deeply
negative rates of -5% to -6% that prevailed during the most severe phase
of the downturn in 2008,” Martin Gahbauer, Nationwide’s Chief Economist,
said.
However, Gahbauer said there was little signs of declines picking
up, saying:
“There is little evidence to suggest that house price declines are
likely to accelerate in the months ahead.”
–London newsroom: 4420 7862 7491; email: drobinson@marketnews.com
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