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House prices higher than a year ago

House prices in the UK were higher this October compared to the same month last year - the first annual rise for 19 months -according to data released by the Nationwide.

Property prices were 2% higher this October than the same month in 2008, meaning that the average home is now worth £162,038.

The data also revealed that the rate of monthly price rises has slowed, with house prices in October only 0.4% higher than September. However, this is the sixth consecutive month of monthly increases.

"Although it is too early to tell for sure, the figures may also reflect a more natural level of stock available for sale coming to the market, alleviating some of the extreme shortages of property on the market seen during most of this year," said Martin Gahbauer of Nationwide.

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Post Date: October 30th, 2009