Nationwide’s house price index shows year-on-year growth levelling out
Author: Andy Bedford » Publish Date: 5 October 2009
The Nationwide Building Society has just released its latest house price indices today, which for the first time since the beginning of the credit crunch, show that year-on-year house price inflation is now static at 0.0% change from September 2008.
That indicates the average house value has recovered any losses since this time last year, as prices continue to rise month on month. Monthly change is down slightly at 0.9% from 1.4% in August. It leaves the average drop since the 2007 peak at 13.5%, some way off the 40% drops expected by pundits until recently.
The news comes in a week where lenders have continued to announce reductions in interest rates on products up to 75% loan to value, with Nationwide themselves releasing a raft of new rates yesterday, of which there were too many for me to go into detail, more news will be available this week.