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House prices stable as more mortgages approved

House prices in the UK were 0.3% lower in September than they were 12 months ago, according to figures from the Nationwide.

However, they were 0.1% higher than in August this year, bringing the cost of the average home to £166,256.

Nationwide says the slight annual fall and the even slighter month on month increase show that house prices have largely stabilised.

The housing market has been sluggish over the last few years but there are signs that more people are now looking to buy, attracted by the combination of low prices and the fact that many lenders are producing more affordable mortgage deals.

The Bank of England says the number of mortgages approved for home purchases rose to 48,421 in June. That was an increase of 2,571 compared with the average number for the previous six months.

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