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UK house price growth 'picks up' UK house price growth 'picks up'
(20 minutes later)
UK houses prices rose at their fastest rate in four months during October, mortgage lender Nationwide has said. UK house prices rose at their fastest rate in four months during October, mortgage lender Nationwide has said.
According to the lender's latest monthly survey, prices rose 1.1% in October from the previous month, taking the average house price to £186,044.According to the lender's latest monthly survey, prices rose 1.1% in October from the previous month, taking the average house price to £186,044.
On an annual basis, house prices rose by 9.7% from the same month in 2006.On an annual basis, house prices rose by 9.7% from the same month in 2006.
However, the Nationwide said that it would be "misguided" to view the rise as proof that house prices were immune to problems in financial markets.However, the Nationwide said that it would be "misguided" to view the rise as proof that house prices were immune to problems in financial markets.
"While some may be tempted to interpret October's numbers as a sign that house prices are immune to deteriorating affordability and tightening credit conditions, such a conclusion would be misguided," said Nationwide economist Fionnuala Earley."While some may be tempted to interpret October's numbers as a sign that house prices are immune to deteriorating affordability and tightening credit conditions, such a conclusion would be misguided," said Nationwide economist Fionnuala Earley.
According to the Nationwide, house prices are currently being supported by a number of factors, including the low level of properties coming onto the market.According to the Nationwide, house prices are currently being supported by a number of factors, including the low level of properties coming onto the market.
"Different factors could be driving the low level of instructions, including a reluctance to trade up amid current uncertainties and the fact that low unemployment is limiting the number of forced sales," said Ms Earley."Different factors could be driving the low level of instructions, including a reluctance to trade up amid current uncertainties and the fact that low unemployment is limiting the number of forced sales," said Ms Earley.
"The overall result is that the stock of unsold homes is still relatively low, and this is providing some residual support to prices," she added."The overall result is that the stock of unsold homes is still relatively low, and this is providing some residual support to prices," she added.
At the same time, the Nationwide said that other indicators were also pointing to a slowing housing market, including a fall in mortgage approvals reported by the Bank of England and a drop in buyer inquiries as seen by surveyors.
Last week the Land Registry for England and Wales reported that annual property price inflation had slowed in September to 8.7% from 9.4% in August, describing this as a "noticeable dip".
Other recent surveys, from big mortgage lenders, the Royal Institution of Chartered Surveyors (Rics) and the Department of Communities and Local Government, have all been pointing in the same direction.