House prices have finally fallen

Property prices fell in September, the first drop in 16 months, according to Nationwide.

by Rachel Savage

First time buyers across the country were praying for a miracle and, lo, it has come to pass. House prices have finally fallen, according to the latest Nationwide House Price Index.

Property prices dropped 0.2% in September, the first decline for 16 months, with the average UK home now costing £188,374. They still jumped 9.4% year-on-year, but that has slowed significantly from the 11% annual growth last month.

Source: Nationwide

London is, unsurprisingly still way ahead of the pack, with prices up 21% year-on-year in the third quarter of this year. In contrast, prices in the north of England rose just 4.3% in the same period.The average pad in the capital now costs more than £400,000, but price rises could well be easing off. London’s quarterly price growth of 0.9% in the third quarter was the lowest in the UK (prices actually fell in Wales and the North).

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