The year-on-year growth rate in the FNB House Price Index for September has stalled on 5.6 percent, it emerged Monday.

"The latest results imply that, since the beginning of the big market 'correction', which we believe began after a real house price boom time peak in February 2008, house prices in real terms have declined cumulatively by minus 15.3 percent to August 2011," said FNB economist John Loos.

"However, since July 2000 when the index started, prices are still up 64.7 percent in real terms and 313.1 percent in nominal terms."

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