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Thursday, October 30, 2014

Property prices a game of two halves

This year's property market continues to be a game of two halves, the booming first half of 2014 has been followed by five slow months according to the latest Nationwide House Price Index.
Nationwide House Price Index for October recorded a small O.5% rise, following on from September's tiny 0.1% fall, and the three previous months of stagnant growth. 

October's small increase has brought the Nationwide's 12 monthly growth figure down from 9.4% to a flat 9%.

Their average property price is now £189,333.

The Nationwide says it reflects a loss of momentum in the property market, with their chief economist, Robert Gardner saying 

“The number of mortgages approved for house purchase in September was almost 20% below the level prevailing at the start of the year,” 

The Nationwide's figures reflect the Land Registry data released on Tuesday, that showed September's average sales prices had seen a monthly fall of 0.2%.

Financial Adviser muses further as to whether the housing market has lost momentum.

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