28 October 2010
A continued decline in house prices has resulted in almost all the early gains of 2010 being wiped out, new figures show.
The average cost of a home fell by £2,400 to £164,381 during October, which represents a fall of 0.7%, according to the figures released by
lender Nationwide. House prices have now remained static or declined every month since May.
The quarter-on-quarter house price figures also suggest that the fall in property prices is speeding up. House prices went down by 1.5% during the three months to the end of October, compared with a 1% slide during the quarter to the end of September.
While some homeowners look upon house price falls as a negative, in fact, for people looking to upsize to a bigger home, or for first time buyers, lower house prices can be a good thing.
Nationwide explained this was the biggest fall since April 2009, although it remains well down on the quarterly drops of 5% and 6% recorded during the second half of 2008.
The annual rate of house price growth also declined for the sixth consecutive month, falling to just 1.4% - less than half the 3.4% recorded during the previous month.
Stuart Cocks - Money Workout.
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