Nationwide: UK house prices continue to tread water

Commenting on the figures, Robert Gardner, Nationwide’s Chief Economist, said:

“UK house prices continued to tread water in September, with prices rising by 0.1% during the month. Prices were also essentially flat over the year, just 0.3% lower than September 2010. The three-month on three-month measure of house prices was unchanged in September.

“Sluggish demand for homes on the back of weak labour market conditions, combined with only a gradual rise in the supply of available properties, has helped to keep property prices fairly stable since the summer of 2010. We expect this trend to be maintained over the remainder of 2011, although downside risks have increased as UK and global growth prospects have weakened."

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