The average UK house is now worth £165,650, a price rise of 0.4% in October compared with September.
The price of houses rose year-on-year in October for the first time in six months, according to Nationwide, with a 0.8% rise. These figures notwithstanding, the market continues to struggle, with price growth unlikely to increase significantly in the period ahead.
Based on a sample of the building society’s own mortgage lending, Nationwide’s findings still fail to disguise a housing market treading water. Additionally, other sources predict that sales are heading for a renewed downturn.
With mortgage approvals also falling, and only London and other high-demand areas holding their value, a stagnant market spells difficult times ahead for both buyers and sellers.