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Slow house price growth, despite credit turmoil

House prices overcame the turmoil in the credit market and grew by 0.7 per cent in September.According to Nationwide, the average price of a home has risen to £184,723, from £183,898 in August, despite riskier mortgages becoming more expensive for borrowers. Annual price growth has now slowed to nine per cent, down from 9.6 per cent last month - its lowest rate in almost a year. Nationwide added that the slowdown could be explained by the Bank of England's recent interest rate hikes. The building society said that the recent turmoil in the financial markets did not seem to have affected the property market this month.However, Nationwide chief economist, Fionnuala Earley, said: "The longer-term effect will undoubtedly be to take some of the froth out of the market."

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