RICS: Nationwide September house price figures

Commenting on the Nationwide figures Oliver Gilmartin RICS senior economist said: "Whilst monthly measures can bounce around the underlying trend remains downward and credit market turmoil is yet to show up on the balance sheet of households. The tightening of lending practice that is underway combined with a softer economic picture will see a more sluggish housing market over the next year . Labour market developments will remain the key indicator to watch to assess the likelihood of any downward pressure on prices should current financial market turbulence persist. Consumer confidence, which remains high, could take a significant turn in such an event."