UK house prices fell 0.2% in September from August, after seasonal adjustment, according to Nationwide Building Society's index published Thursday, October 1. Prices were still 0.8% higher than a year earlier, but that annual increase was half August's 1.6% pace. Nationwide's average price, which is not seasonally adjusted, was £274,251, down from £275,465 in August.
The figures are from a mortgage lender's index, not the official UK House Price Index, and monthly seasonal-adjustment factors can be revised. Nationwide's separate regional figures for the third quarter show considerable variation: annual price growth was 5.9% in Northern Ireland, compared with 0.5% in England and an annual decline of 0.7% in East Anglia.
The release documents slower price momentum, but it does not establish why prices changed or predict where they will go next. Mortgage costs, local supply, and buyer demand can differ substantially by region and property type.
Reader question: Are UK homes cheaper than a year ago? Nationwide's national average was not: it was 0.8% higher year over year. The seasonally adjusted monthly decline means prices slipped from August, not that the annual increase disappeared.