UK house price growth low for a year, says Nationwide
Annual growth in UK house prices has been below 1% each month for the last year in a relatively stagnant market, a major mortgage lender has said.
Prices rose 0.8% in the year to late November, the Nationwide said – a slight pick-up on the previous month.
It said the housing market was being affected by wider economic uncertainty over weak global growth and Brexit.
The average UK home costs £215,734, the building society said.
The figures, which are based on the Nationwide’s mortgage data, suggest that prices rose by 0.5% in November compared with the previous month.
Samuel Tombs, chief UK economist at Pantheon Macroeconomics, said: “November’s month-to-month gain in Nationwide’s index was the biggest since July 2018, indicating that support from the recent fall in mortgage rates is starting to kick in.”
Jonathan Samuels, chief executive of property lender Octane Capital, said: “The property market is hardly all guns-blazing but neither has it given up the ghost.
“Ultra-low borrowing rates and a deep-seated boredom around Brexit mean transaction levels continue to tick over. People have said enough is enough and are getting on with their lives, something that really shone through in November.”
- ‘We live apart to save more money to buy a home’
- ‘Freehold charges cost us our dream home’
The Nationwide also said that election periods tended not to have a direct impact on the housing market. Broader economic conditions were more dominant over the decisions of buyer or sellers.
“Rightly or wrongly, for most home buyers, elections are not foremost in their minds while buying or selling their home,” said Robert Gardner, Nationwide’s chief economist.
– Amount of the United Kingdom that has housing you can afford
Search the UK for more details about a local area
You have a big enough deposit and your monthly payments are high enough. The prices are based on the local market. If there are 100 properties of the right size in an area and they are placed in price order with the cheapest first, the “low-end” of the market will be the 25th property, “mid-priced” is the 50th and “high-end” will be the 75th.