The average house price was -1.2% lower in the three months to October against the preceding three months average.
- Fifth consecutive decline in three monthly average of underlying trend and increased on the decline of -0.5% in September.
- Prices -1.7% lower than in the same period last year, very similar to the annual figure of -1.8% reported in October 2011
- In October month alone prices declined by -0.7%
- On the positive side mortgage approvals continued to rise The industry-wide number of mortgages approved to finance house purchase – a leading indicator of completed house sales – increased for the third successive month in September
Commenting, Martin Ellis, housing economist, said:
“Signs of a modest deterioration in the trend in house prices continued in October. Prices in the three months to October were 1.2% lower than in the preceding three months.
“The weak economic background has been a key factor dampening housing demand this year. Recent encouraging developments relating to the level of overall economic activity and conditions in the labour market, however, may help to support demand and underpin house prices around current levels over the coming months.”