Average house prices are back to what they were this time a year ago, the Nationwide reported this morning. But the news has already worried some agents.
David Smith, senior partner at Carter Jonas, said: "The stand-out symptom of the current property market is that stock levels are, in many cases, half of what they were in May.
"There is no sign on the horizon of more natural stock levels. As any buyer will know, there is very little choice out there at present.
"The ongoing rise in prices has been caused exclusively by the shortage of stock and growing demand, and the absence of new housing.
"Rising unemployment and, at some point, higher interest rates, could see a further stabilisation, or even reverse, in prices."
Meanwhile, mortgage lending is continuing to tick up. It rose again in September, according to the Bank of England.
The number of loan approvals for house purchase went upby 3,200 between August and SEptember, to 56,215.
