Adverse Mortgages UK

House prices have remained unchanged for the past two months, according to figures published today.

A report by property intelligence provider Hometrack revealed that the residential housing market continued to stagnate during September, meaning the average price of a home in the UK remains £176,300.

The lack of movement saw the annual rate of house price inflation drop from 5.4 per cent during August to five per cent last month.

Richard Donnell, Hometrack's director of research, attributed the "period of inertia" to the well-documented problems in the financial markets.

However, he insisted homeowners need not worry about their property losing value over the next few months, explaining: "While demand and sales volumes look set to remain weak over the rest of the year, a lack of saleable properties looks likely to support achievable prices."

Property website Rightmove recently released figures suggesting the average asking price for a home dropped by 2.6 per cent in the past month, but said the fall could be explained by the lower number of big houses coming on to the market in the wake of the introduction of the home information pack scheme.

© Adfero Ltd

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