Houses prices see annual growth for the first time in six months
1 November 2011
Nationwide have published figures which claim that UK property prices have returned to positive annual growth this October.
This is the first time in half a year that annual house price growth has gone into positive territory. The typical price of a home has increased by 0.4% month on month and now stands at £165,650. This is a 0.8% rise compared to the price recorded in October this time last year.
Robert Gardner, Chief Economist at Nationwide, commented: ‘Given the challenging economic backdrop, October's data is encouraging, but it doesn't fundamentally change the picture of a housing market that is treading water. Property transaction levels remain subdued, and prices essentially flat compared to last year.’
The data recorded is encouraging for the property market; however experts agree that the outlook is still uncertain, as house price growth is likely to remain soft in the period ahead.
