You are here: Home - News -

House price growth skids to five-year low – Nationwide

by:
  • 27/06/2018
  • 0
House price growth skids to five-year low – Nationwide
House prices are rising at their slowest rate since 2013, as values in London continue to fall, according to Nationwide data.

 

 

Values increased by 2% annually in June, the slowest rise in five years, according to the lender’s data.

Month-on-month prices increased by 0.5% to reach an average £215,444.

Over the three months to the end of June, London has been the worst performing region with prices down 1.9% annually.

However, prices in the capital are still the most expensive in the country at a typical £468,845.

 

The nationwide-wide view

 

The East Midlands came in as the strongest growth region in the UK, with prices up 4.4% year-on-year in the second quarter to an average £181,549.

Regionally, values are lowest in the North at £127,266.

Robert Gardner, Nationwide’s chief economist, said: “Annual house price growth has been confined to a fairly narrow range of around 2-3% over the past 12 months, suggesting little change in the balance between demand and supply in the market over that period.

“There are few signs of an imminent change.

“Surveyors continue to report subdued levels of new buyer enquiries, while the supply of properties on the market remains more of a trickle than a torrent.”

Jeremy Leaf, north London estate agent and a former RICS residential chairman, added: “On the one hand, the squeeze on incomes and unrealistic asking prices is reducing activity and confidence to move, particularly in price-sensitive areas such as London.

“On the other hand, the market continues to be supported by low interest rates and overall supply shortages, although we have found recently that listings and viewings are on the rise.

“This will translate into more sales if buyers and sellers recognise the new market realities.”

There are 0 Comment(s)

Comments are closed.

You may also be interested in

Business Skills

In this section, we offer short ‘how to’ guides on harder to crack areas of business. From social media, to regulation or niche product areas, we cover it all.

Profiles

Our journalists interview key industry entrepreneurs, strategists and commentators for day-to-day market insight and a strategic view of where the industry is heading. We offer lessons for success and explore the opportunities for your business

Success in Practice

Here, we share case studies fleshing out best practice to help you decide what could work for your business. Take a look at how others approached complex tasks like launching a new mortgage lender, advising on a new product area or deciding to specialise in another. Learn from others mistakes and triumphs.

Marketwatch

Each week, we ask top mortgage and property commentators with a unique perspective to examine a key news headline, market move or regulatory or political issue.

Poll

Vote in our weekly poll here. It’s your chance to tell us what you think and be heard on the top news stories of the week. Review our archive to find out what your industry really thinks and all our coverage of the results.

Top Comments

Be part of the conversation on Mortgage Solutions. We want to hear from you. We have a tool called Disqus to tell us which stories get the most comments each week. Every Friday, the team picks the most thoughtful or opinionated contributions from our readers to enjoy again. Don’t forget to share your favourite stories from the site on social media to keep the conversation going.
Read previous post:
Almost 95% of homeowners think mortgage contracts should be easier to understand – Habito

Almost 95% of homeowners think the government should regulate to force providers to make contracts easier to understand, according to...

Close