House prices higher than year ago

Published:  30 October, 2009

LONDON: UK house prices were higher year-on-year in October, the first annual rise for 19 months, the Nationwide said.

But the pace of monthly price rises has eased increasing by 0.4% and the values could level out in the autumn, said the building society.

The report confirms analysts who caution against euphoria over house prices trends because these are based on a small number of transactions.

The availability of mortgages will remain the determiner of any resurgence in house prices. At present banks are applying far more stringent loan criteria, in particular deposits of 25% or more.

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