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Growth of prices remain subdued

Annual UK houses price growth remain subdued at 0.6 per cent growth in August, according to the latest Nationwide House Price Index. The average house price is now £216,096.

Commenting on figures Robert Gardener, Nationwide’s chief economist, said: “Annual house price growth remained below one per cent for the ninth month in a row in August, at 0.6 per cent. While house price growth remained fairly stable, there have been mixed signals from the property market in recent months.

“Surveyors report that new buyer enquiries have increased a little, though key consumer confidence indicators indicators remain subdued. Data on the number of property transactions points to a slowdown in activity, though the number of mortgages approved for house purchase has remained broadly stable.

“Housing market trends will remain heavily dependent on developments in the broader economy. In the near term, healthy labour market conditions and low borrowing costs will provide underlying support, though uncertainty is likely to continue to exert a drag on sentment and activity.

Nationwide has also looked at how proximity to either a tube, tram or railway station impacted on prices in London, Manchester and Glasgow, after taking account of other property characteristics, such as property type and number of bedrooms.

Mr Gardner says: ”Perhaps unsurprisingly, London homebuyers appear willing to pay a greater premium for being close to a station, compared with those in Greater Manchester and Glasgow.”


Adapted from Yorkshire Post