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House prices up 2.5% as households ‘get on with it’

The average UK property price rose slightly in October, up 2.5 per cent on the same month last year, according to the latest house price index from Nationwide.

The figure compares to a rise of 2.3 per cent in house prices in the year to September and represents an increase of 0.2 per cent on a month-on-month seasonally adjusted basis.

Nationwide says, while there are positives in the rise in prices, financial pressure on households continues to impact confidence in the market.

The current average property price in the UK is £211,085, the report found.

Nationwide chief economist Robert Gardner says: “Low mortgage rates and healthy rates of employment growth are providing some support for demand, but this is being partly offset by pressure on household incomes, which appears to be weighing on confidence.”

Mortgage Advice Bureau head of lending Brian Murphy says: “The report issued by the Nationwide this morning is based on lending for house purchases at post survey approvals stage, which therefore provides us with one of the first temperature checks of the UK housing market in October from one of the country’s largest mortgage lenders.

“Given that there has been constant commentary around the potential for an interest rate rise since the end of September when Carney indicated that this was now a distinct possibility in the near future, together with ongoing headlines regarding Brexit, inflation and lack of wage growth, it seems that there are still many motivated movers out there who are taking the long term view and ‘just getting on with it’, proving that the UK housing market remains reasonably resilient.”

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