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| Nationwide Housing Survey - October 2004
November 2004 - The Nationwide Housing Survey for October 2004 shows that the average price of UK housing fell by 0.4% during the month. The news means that the average price of a UK home is now at £152,159.
The fall is the largest seen since back in February 2001 and annual house price inflation was reported to have slowed sharply to 15.3%. The decrease won't surprise many analysts, who were quick to suggest that it could be explained by increasing interest rates.
The Nationwide was, however, more upbeat than some. The building society suggested that the bulk of the fall could be explained by seasonal factors, with late summer and autumn often being a slack period for the market.
 Nevertheless, the figures appear to mirror those issued by other organisations recently in pointing to a drop in the market as a whole. Anecdotal evidence suggests that a contributary factor has been that many feel that the house prices have become unaffordable, particularly for first-time buyers. There have also been suggestions that people have been less keen to plunge into the previously buoyant buy-to-let market. Our housing market news page bring together the very latest information from UK housing surveys.
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