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House price growth slowest since January

1st Dec 16 11:50 am

Is it all bad news? Take a look…

According to mortgage lender, Nationwide, annual house price growth has slowed to its lowest rate since January.

In November prices were 4.4 per cent higher than a year earlier, this is compared to a 4.6 per cent increase in October.

Prices rose by 0.1 per cent before, the average cost of a home now at £204,947.

However, Nationwide said the demand for houses has picked up in the last few months.

Robert Gardner, Nationwide’s chief economist, told the BBC: “There are some signs that, despite the uncertain economic outlook, demand conditions have strengthened a little in recent months, reflecting the impact of solid labour market conditions and historically low borrowing costs,”

“Mortgage approvals increased in October, and surveyors report that new buyer enquiries have increased modestly.”

“The relatively low number of homes on the market and modest rates of housing construction are likely to keep the demand/supply balance fairly tight in the quarters ahead, even if economic conditions weaken, as most forecasters expect.”

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