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House prices end the year on “flat” according to Nationwide.  If you are thinking about sell quickly buy my house we may have a solution for you.

The average home price went up by 0.4pc month-on-month to £162,763, mortgage lender Nationwide announced, reversing the 0.3pc drop seen in November.

The increase did not lift the annual rate of change above the 0.4% rise reported for the previous month. Prices increased on average just £660 over the last 12 months.

This means they ended the year “flat”, after the increases seen in the first half were wiped out in the last six months as increased supply outstripped demand, Nationwide says.

Scrapping  of Home Information Packs (HIPs) following the election could have caused the flood of houses on to the market, as the removal of the extra burden stopped putting off tentative sellers.

Nationwide says that surprise rise in December did not break down the overall downward trend.

December price increases do not mean anything because out of 6 months, prices have consistently dropped in four.  Martin Gahbauer, Nationwide’s chief economist, said.

Quarterly rate of change are still volatile and downwards trend is continuing. However, the rate price reduction enhanced from minus 1.3% in November to minus 1% in December, rather than increasing significantly.

The December figures do underscore the fact the current downtrend is only very modest, particularly when seen in comparison to the second half of 2008, said Martin.

Fourth quarter as a whole, Nationwide reported prices fell in 10 out of 13 UK regions.

East Anglia saw the most improvement, with prices rising 1.6% over the quarter, while N.Ireland was the region suffering the largest drop, as prices fell 3.4%.

Nationwide says that there is a small chance of a strong demand.

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