The latest Nationwide House Price Index has been published and shows that annual house price growth remained unchanged in September.
The average house price in the UK is now just shy of £215,000.
It goes on to reveal that London has seen an annual drop for the fifth quarter in a row. However, house prices in the capital are still over 50 per cent higher than the prices seen in 2007.
The areas with the best growth are the likes of Yorkshire and Humberside. These saw an increase of 5.8 per cent on a yearly basis. The East Midlands showed growth of 4.8 per cent.
House prices in 2018
The response from the industry has been mainly positive regarding house prices in 2018:
Mortgage Advice Bureau head of lending Brian Murphy said: “This morning’s figures should provide a degree of reassurance. They appear to point towards the housing market continuing to function at a healthy level so far this year.” He added that this was “despite the ongoing political and economic headwinds.”
Nationwide chief economist Robert Gardner says “Overall, we continue to expect house prices to rise by around 1% over the course of 2018.”
Although not showing a rise that existing homeowners may have been hoping for, the news could be seen as positive. Mark Carney’s recent comments had caused concern for many.
In mid-September, the Bank of England’s governor revealed that he expected a bad Brexit deal could result in a worst-case scenario of house prices falling by 35%.
It’s safe to say that nobody can say with any certainty how Brexit will affect the housing market. These latest figures will give hope to those who have been concerned with how prices would be affected.
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Information taken from Mortgage Strategy.