Nationwide house price stats published

New figures published today have suggested that while house prices may continue to fall in the short term, the long-term outlook is more secure.

House prices continued the downward trend in September, falling by 1.7 per cent, meaning a house in the UK now costs an average 12.4 per cent less than it did one year ago, according to the figures from Nationwide's House Price Index.

However, Nationwide's chief economist Fionnuala Earley states: "The less volatile three-month-on-three month series has […] barely changed for the last three months.

"This may suggest the beginning of some stabilisation in the pace of house price falls."

She added that September's figures represent the 11th consecutive month that house prices in the UK have dropped, although the monthly rate of fall has remained at the same level for the past three months.

Chief economist of the Royal Institute of Chartered Surveyors Simon Rubinsohn stated the figures were not surprising given the current economic climate.