House prices slide 0.7% in October

The three-month on three-month rate of decline accelerated to 1.5%, as the average house price fell from £164,381 to £166,757 in October. This is the largest fall over three months since April 2009, but far short of the 5 to 6% falls each month during the price crash. "If the downward trend continues into December, annual inflation would drop to between 0% and -1% by the end of 2010. This compares to a rate of +5.9% at the end of 2009," said the economist. Nationwide chief economist Martin Gahbauer said the case was growing for more quantitative easing for the boost it could give t...