1 Nov

House prices edge higher throughout October

House prices edge higher throughout October

The price of houses across the market in the UK has edged up a little after a summer where low demand was blamed on events such as the Olympic Games.

New data released by Nationwide has shown that the average property now costs £164,153, as the price of buying a house in the current climate edged up by 0.6 per cent.

The lender said that this wiped out the 0.4 per cent drop that epitomised the end of summer in September.

However, while this was good news, the market also saw a year-on-year fall of 0.9 per cent in prices in comparison to October of 2011.

This has been blamed on a lack of activity in the market at a time when it is increasingly the case that wages rise at a much slower rate than the cost of living.

Robert Gardner, Nationwide's chief economist, said: “With households and the public sector focused on repairing their finances rather than spending, the economic recovery is likely to remain fairly sluggish."ADNFCR-1222-ID-801480850-ADNFCR

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