Nationwides latest house price report has revealed that house price growth has settled at 2%,
Robert Gardner, Nationwide’s Chief Economist, had this to say: “Annual house price growth was stable in September at 2%.
Indeed, annual house price growth has been confined to a fairly narrow range of c2-3% over the past 12 months, suggesting little change in the balance between demand and supply in the market.
Looking further ahead, much will depend on how broader economic conditions evolve, especially in the labour market, but also with respect to interest rates. Subdued economic activity and ongoing pressure on household budgets is likely to continue to exert a modest drag on housing market activity and house price growth this year, though borrowing costs are likely to remain low.
Overall, we continue to expect house prices to rise by around 1% over the course of 2018.”