Nationwide: House Prices Fall In September

After 16 consecutive months of growth UK house prices have fallen in September, according to a new survey.

The latest figures from high street lender Nationwide showed a fall of 0.2%, easing the average house price to just over £188,000.

It said that as a result, growth over the year slowed to 9.4% from 11%.

Nationwide said it now expects growth to slow even further over the next three months, with signs that buyer demand may be starting to moderate.

However, it said there remain stark differences in price growth across the country, with average house prices in London more than 110% higher than the national average.

Nationwide's chief economist Robert Gardner said: "Annual house price growth in London slowed somewhat, from 25.8% in Q2 to 21% in Q3.

"Nevertheless, at £401,072, average prices in the capital reached a record high, 31% above their 2007 peak.

"In the UK as whole, prices are around 2% above their pre-crisis peak - excluding London they are less than 1% above their 2007 peak.

Some prices in the capital are far outstripping the national figure.

The price increase in a house in Camden has gone up £221,000 in the last year - more than the full cost of an average house in Britain.

The overall price slowdown comes in the wake of implementation of the Mortgage Market Review in late April, which has increased scrutiny of borrowers' ability to pay if interest rates rise.

Mr Gardner added: "However, the outlook remains uncertain.

"There have been tentative signs from surveyors and estate agents that buyer demand may be starting to moderate, but the low level of interest rates and strong labour market suggest that underlying demand is likely to remain robust."

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