30th November 2017.

UK House Prices Steady

UK house prices increased at a steady pace in November, according to new data.

Figures published by Nationwide Building Society have found UK house prices have increased by 2.5 per cent in November, the same rate of growth as seen in October.

On a monthly basis, house price inflation slowed to 0.1 per cent, in line with expectations.

Low mortgage rates and record low levels of unemployment are encouraging demand from consumers.

This is conflicting with the recent drop in consumer confidence (see here), where rising inflation and increased interest rates have been biting into income.

Robert Gardner, Nationwide’s chief economist, is optimistic that the housing market will continue to grow.

The economist insists the the lack of homes on the market will provide support to house prices. He further believes that the chancellor’s recent move to abolish stamp duty for first time buyers will likely have a modest impact on overall demand.

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