House prices dropped in October according to Nationwide report

Nationwide has reported a drop in house prices across the last two months. First-time buyers are still finding it difficult to buy a house despite a drop prices. House prices fell by 0.7% from September to October, according to the Nationwide building society, but first-time buyers are being "shut out" by the demand for high deposits in securing a mortgage. The quarter on quarter comparison, which is a more reliable reflection of the state of the property market, showed that prices fell by 1.5%. However, the average price, which now stands at £164,381, is still 1.4% higher than last year.