Hi Junglers,
I don’t know about you but I’m getting pretty flummoxed by this whole house price thing. One minute they’re up, the next they’re down. Well reports realeased today releave house prices fell by 0.9% in August, while the three-month rate of change fell from 1.2% to 0%, Nationwide’s latest index shows.
House prices fell for a second consecutive monthly fall, taking the average price of a home in the UK to £166,507, according to Nationwide BS.
The decline marks the first time since February last year that house prices have fallen in two consecutive months, and analysts claim the figures are evidence of continued weakness in the housing market.
Martin Gahbauer, Nationwide’s chief economist, said: “The three-month rate of change fell from 1.2% in July to 0% in August, suggesting that house prices have essentially stagnated over the summer.
“Unless house prices bounce back strongly in September the three month rate of change will turn negative next month.”
The annual rate of inflation remained in positive territory at 3.9%. However, it is down quite sharply from rates of 6.6% in July and 8.7% in June, and is the lowest year-on-year rise since November.
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Kindest Croaks,
CeeJay x