Nationwide: UK house prices 'treading water'

Its house price index showed prices were essentially flat over the year, just 0.3% lower than September 2010. Robert Gardner, Nationwide’s chief economist, said: “Sluggish demand for homes on the back of weak labour market conditions, combined with only a gradual rise in the supply of available properties has helped top keep property prices fairly stable since the summer of 2010. “We expect this trend to be maintained over the remainder of 2011, although downside risks have increased as UK and global growth prospects have weakened.” Nationwide also released its quarterly figures fo...