House prices fall 0.7% in October

A lack of confidence in the housing market caused prices to fall by 0.7% in October, according to Nationwide.

The building society discovered that the average cost of a home in Britain dropped by approximately £2,400 to £164,381 as the downward price trend continued.

House prices have fallen or remained the same each month since the end of May, with the recent decreases all but wiping out the gains made earlier in the year.

Meanwhile, the quarter-on-quarter change to house prices, which is generally seen as a more accurate indicator of market trends, also showed that the rate at which property values are falling has accelerated.

House prices dropped by 1.5% in the three-month period to the end of October, a slight, albeit significant increase from the 1% fall between July and September.

Nationwide revealed that this was the biggest fall since April 2009, although these decreases were significantly less than the quarterly drops of 5% and 6% recorded during the latter half of 2008.

Unsurprisingly, the group also revealed that the annual rate of house price growth also declined for the sixth month in a row, falling to just 1.4%, which is less than half the 3.4% recorded during September.

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