Speculation over the possible fall of houses as Nationwide announce an increase of 0.1% last month

With speculation over the possible fall of house prices in the media in recent times, Nationwide have announced that property market prices edged up by 0.1% in September, taking the average value of a home to £166.757.00

The average price crept up by a not so significant £250 from the previous month, temporarily haltering fears of a dip in the market.

Martin Gahbauer, Nationwide's chief economist has said that the future direction of house prices would depend on whether the strong flow of new properties being put up for sale continued into the autumn, and on the extent to which sellers were prepared to compromise on asking prices to make a quicker sale.

However this week the Bank of England have also announced fresh signs of a slowdown in the UK economy with news that a drop in mortgage approvals, weak consumer credit and a decline in the output from the service sector.

So it looks as though we will have to wait and see what effect this has on the property market over the coming months and into 2011.