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1 November 2012

House prices up 0.6%

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by Gill Montia

House prices up 0.6%

UK house prices rose by 0.6% in October, offsetting September’s 0.4% decline, Nationwide reports.

At £164,153 the typical home has seen 0.9% shaved off its value compared to a year ago (September -1.4%) with 10 out of 13 UK regions recording annual price falls in the third quarter of 2012.

However, the annual pace of change suggests a picture of “relative stability” dating back two years.

Since late 2010, annual price movements have remained in a narrow band between +1.5% and -1.5% on all but two occasions, according to the lender.

London prices stand apart and are currently only 2% lower than at the peak of the market.

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