Nationwide: UK House Prices Withstanding
The building society Nationwide has said that UK house prices have remained ‘surprisingly resilient’ in recent months, with values rising again in November due to the prices increasing by 0.4% during November compared to October.
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According to the figures based on Nationwide’s own mortgage data, it was a 1.6% year-on-year increase, so things are starting to look up!
However, in the next 12 months it is predicted that prices will either stay the same or fall.
In the three months to the end of November, there was a 0.2% rise in prices, compared with the previous quarter as their data have shown the average home is now valued at £165,798.
Be that as it may, Nationwide’s data is in contrast to figures that were published yesterday, from the Land Registry, which suggested that prices in the UK had lowered slightly compared to a year ago.
The activity within the housing industry remained low, so Nationwide’s Chief Economist, Robert Gardner, has suggested that ‘given the deterioration in economic outlook’ the “resilience” reflected a lack of supply in the market.
Robert has welcomed the latest announcement by the government on restoring first-time buyer movement, but said that any action should also include measures to increase housing supply.
Earlier in the month, the government announced its housing strategy, which includes a mortgage guarantee scheme to push lenders to offer 95% mortgages to buyers of new homes.
Anglian Home Improvements, formerly known as Anglian Windows, have been trading double glazing since 1966.
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