House price growth 'firm' in October, says Nationwide

01 November 2006
According to the monthly index of house price from building society Nationwide, the growth of the property market in the UK remains "firm".

In October, house prices rose by 0.7 per cent overall. The Nationwide index is used to determine the trends of the housing market in comparison with property prices registered in a survey undertaken in the first quarter of 1993.

Year-on-year figures from the nation's number one building society also show that the typical house price is £12,500 higher. The annual change dropped back slightly on September 2006 figures, although the yearly increase in property values remains at a healthy eight per cent.

"Following a sharp increase during September, the monthly rate of growth of house prices cooled in October. However, the underlying trend in house prices is still firm," said Nationwide group economist Fionnuala Earley.

"Recent housing market indicators have been firm and the latest approvals data from the Bank of England show that the August rise in interest rates did nothing to curb demand."

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