House prices in UK fall as annual decline hits 1.4% | Money | guardian.co.uk

House prices in UK fall as annual decline hits 1.4% | Money | guardian.co.uk
UK house prices dropped by 0.4% in September, increasing the annual rate of decline to 1.4%, according to figures from Nationwide building society.

The lender's monthly snapshot of the market, which is based on mortgages it has approved during the month, puts the average price of a home at £163,964. Its quarterly report on regional markets underlines how much prices vary around the UK, with the average in London reaching £301,168 while the Northern Ireland average stands at £107,719.

September's price drop followed a sharp rise in August, which was originally put at 1.3% but has since been revised down to 1.1%. Nationwide's chief economist, Robert Gardner, said monthly price changes had "been impacted by a number of one-off factors this year, such as the ending of the stamp duty holiday that cannot be controlled by the usual process of seasonal adjustment".