British house prices tread water in September: survey

29th September 2011, Comments 0 comments

British house prices rose by just 0.1 percent in September from August, when they had fallen by 0.6 percent, a key survey by home-loans provider Nationwide showed on Friday.

The average value of a home in Britain stood at £166,256 ($261,000, 191,000 euros) in September, according to Nationwide. That was 0.3 percent less than the same month last year.

"UK house prices continued to tread water in September, with prices rising by 0.1 percent during the month. Prices were also essentially flat over the year," said Nationwide chief economist Robert Gardner in a statement.

"Sluggish demand for homes on the back of weak labour market conditions, combined with only a gradual rise in the supply of available properties, has helped to keep property prices fairly stable since the summer of 2010.

"We expect this trend to be maintained over the remainder of 2011, although downside risks have increased as UK and global growth prospects have weakened."

© 2011 AFP

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