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The annual pace of decline in UK house prices eased somewhat in October, according to Nationwide data on Wednesday, as prices rose on a monthly basis.
On a seasonally-adjusted basis, UK house prices rose 0.9% in October from the September, compared to the 0.1% rise in September from August.
On an annual basis, prices were 3.3% lower in October, slowing from the 5.3% decline seen in September.
The average house price, without seasonal adjustment, was £259,423 in October, up from £257,808 in September.
‘Housing market activity has remained extremely weak, with just 43,300 mortgages approved for house purchase in September, around 30% below the monthly average prevailing in 2019,’ said Robert Gardner, Nationwide’s chief economist.
‘The uptick in house prices in October most likely reflects the fact that the supply of properties on the market is constrained. There is little sign of forced selling, which would exert downward pressure on prices, as labour market conditions are solid and mortgage arrears are at historically low levels.’
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