House prices continue to weaken
But Nationwide suggest long-term prospects are more sound
Nationwide Chief Economist
Swindon-based Nationwide announced their latest house price figures this morning - and it's mixed news for home owners.
In the short-term, prices are still on the slide, but indicators do suggest that there may be some stabilisation in the pace of house price falls.
Commenting on today's news, Fionnuala Earley, Nationwide's Chief Economist, said:
“House prices fell by 1.7% in September.
"This brings the price of a typical house in the UK to £161,797, 12.4% less than at this time last year.
"House prices have now fallen for eleven consecutive months, but the monthly rate of fall has been almost unchanged in the last three months.
"The less volatile three-month-on-three month series has also barely changed for the last three months, after accelerating in the first half of the year. This may suggest the beginning of some stabilisation in the pace of house price falls."