House prices held steady last month

The average price of a house in the UK was unchanged last month, according to Nationwide, despite expectations of a 0.4% fall. The average price of a house in the UK is now £257,808. However, house prices are 5.3% lower than they were last year, the same annual figure that was recorded in August. Economists had predicted that the year-on-year rate of decline would worsen to 5.7%. “The downturn in house prices probably has only a few months left to run,” said Samuel Tombs, chief UK economist at Pantheon Macroeconomics. The market is “close to bottoming out,” he said. The price slump eased in London with values down 3.8% in the third quarter compared to a year ago, an improvement from the 4.3% fall the previous quarter. 

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