Property market ‘treading water’

The average house price in October was £165,650, the building society said, which reflected a 0.8 per cent increase on prices a year ago.

Robert Gardner, Nationwide’s chief economist, said the data was encouraging but did not change the picture of a market that is “treading water”.

He said: “The outlook remains uncertain but, with the UK economic recovery expected to remain sluggish, house price growth is likely to remain soft in the period ahead, with prices moving sideways or drifting modestly lower over the next 12 months.”