British house price growth slowed according to their survey published recently which suggested the recovery in the housing market, which recently pushed prices to new record highs, might now be advancing at only a modest pace. November was the weakest monthly performance since June, Nationwide said as house prices rose 3.7 percent in year-on-year terms, slowing from 3.9 percent in October.
Robert Gardner, Nationwide's chief economist, said; "The annual rate of house price growth has fluctuated in a fairly narrow range between 3 and 4 percent over the past six months, which is broadly consistent with earnings growth over the longer term." The Nationwide survey tends to estimate slower price growth than other measures of house prices. An index compiled by rival mortgage lender Halifax suggested that prices rose by nearly 10 percent in yearly terms in the three months to October.
Whatever the actually fluctuations in house prices most would agree that prices are still supported by a shortage of properties on the market for sale. Nationwide said 135,000 new homes were built in England in the 12 months to September, a long way below the estimated 220,000 new households that are projected to be built each year over the next decade. If you or another member of your family are looking to get onto the ladder Enable’s IFAs can help you consider your options.
Source: Reuters
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