House price growth stalls month-on-month in September

The average house price in Worthing in the third quarter of this year is £353,276, according to Nationwide.

The building society also say that in the South East, including in Worthing, the figure has increase by 10.4% compared to a year ago.

This ranks the area amongst the strongest performing regions.

By comparison, the average house price in the UK for September is said to be £272,259. The national figure is 9.5% higher than this time last year.

House price growth has stalled month-on-month in September, following a 0.7% monthly increase in August.

Estate agents say there could be some re-negotiations amid a backdrop of rising interest rates - and if this turns into a trend it could see house prices soften.

Robert Gardner, Nationwide's chief economist said: “In September, annual house price growth slowed to single digits for the first time since October last year, although, at 9.5%, the pace of increase remained robust.

“Prices were unchanged over the month from August, after taking account of seasonal effects. This is the first month not to record a sequential rise since July 2021.

“There have been further signs of a slowdown in the market over the past month, with the number of mortgages approved for house purchase remaining below pre-pandemic levels and surveyors reporting a decline in new buyer inquiries.

“Nevertheless, the slowdown to date has been modest and, combined with a shortage of stock on the market, this has meant that price growth has remained firm.”

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