Nationwide: annual house prices fall in September, but still in double digits

"Demand was exceptionally strong in September, with even less property available than in previous months, but few can deny that there are headwinds ahead. Rising unemployment after furlough and affordability issues will reduce people's ability to get mortgages, and therefore the demand for property. That said, prices are more likely to stabilise than to drop given the lack of supply and first-time buyers still proving very active. Lower price growth will definitely help those people seeking to get that first step onto the ladder, as it will ease affordability pressures. Overall, the property market will continue to prove fairly resilient during the rest of the year, mainly due to the lack of homes for sale."

"July was manic, August was quiet in comparison and now September appears to have picked up again. September certainly didn't rise to the levels of the early summer, but there was definitely more activity than in August, with demand outstripping supply in most areas. With the end of the Stamp Duty holiday, furlough and the run-up to Christmas starting soon, I'm expecting property prices to cool. I can't see a drop in prices, as demand is just too strong, but it's time for the property market to take a breather and let the rest of the economy catch up."

"The property market has experienced some post-stamp duty blues, in addition to a slight summer lull in August, but pent-up demand continued to drive activity levels in September. Even though we are likely to see a reduced rate of price growth, there is unlikely to be a price crash as the lack of supply is just too extreme. There are countless headwinds ahead in the form of inflation and the end of furlough, but with borrowing rates at record lows and the ongoing lack of supply, the property market should remain relatively robust for the forseeable future."

"Supply and demand isn't complicated: there are less available properties than people keen to buy so in the long run, prices can only continue one way. With rates so cheap and mortgage finance more easily available, fuel is still being chucked on the house price fire. Demand still seemed to be incredibly strong in September but the problem remains a lack of available stock. There are still thousands of would-be buyers out there begging for someone to take their money but just not enough property to go around."