The Nationwide Building Society Survey of house prices on a monthly basis has been released today.
It reports that prices fell to record no change in prices over the three month indicator.
Martin Gahbauer, Nationwide’s Chief Economist reports that “Houseprices fell by 0.9% month-on-month (m/m) in August, following a decline of 0.5% m/m in July. This is the first time since February 2009 that house prices have fallen in two consecutive months. The 3 month on 3 month rate of change – generally a smoother indicator of the recent price trend – fell from 1.2% in July to 0.0% in August, suggesting that house prices have essentially stagnated over the summer.”
The main holiday period (late July and August) is traditionally a slightly quieter time within the property market and it will be interesting to note the next two months figures which will give a better indication of the direction of the market over the Autumn period.
02nd September, 2010