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House prices going nowhere, says Nationwide

The housing market continues to tread water, according to the latest Nationwide house price index.

It reports a 0.6% rise in house prices in October, but this was after a 0.4% fall in September.

House prices ended the month just 0.9% down on October last year.

In the last six months, since May, Nationwide has reported three rises and three falls.

Nationwide puts average UK house prices at £164,153, roughly in line with Land Registry reports.

Nationwide warned that the housing market is still fragile and will take time to gather momentum, with mortgage approvals still running at little more than half their long-term average.

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