Nationally, house prices up 0.6% on the month, which is barely significant, and 6.5% on the year, which is less significant than it sounds, given that the figure combines London and the rest of the country into a single magic number. Inevitably, given how happy they are to let somebody else set the agenda, BBC (radio) News have taken the report, plus the Bank of England’s own mortgage data showing a modest increase in the number of loans to homeowners, as proof that Mark Carney’s right, and if Funding for Lending isn’t squashed, house prices will spiral out of control. They worry less that yesterday’s Land Registry report (admittedly, for September) showed house prices falling in the north (by 3.1% in a single month in the north east), the very places where affordable mortgages are most appreciated. Nor is there much mention of the gap between current lending levels and those before the crunch. Get your own copy of the Nationwide report here.
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