It sometimes seems that us Brits are obsessed with house prices. We certainly have more than our fair share of surveys, indexes, expert commentary and news coverage on the topic.
So – even though you are not, obviously, obsessed – would you like to have the latest news on this topic?
Well, the Nationwide Building Society House Price Index published yesterday says that prices are showing ‘modest’ signs of growth after several months of decline at the start of the year.
According to the index, house prices rose 0.3 per cent month-on-month in July, lower than in June when they rose by 1.1 per cent but higher than between March and May when prices actually fell.
Taken over the year, it means that annual house price growth to the end of July was 2.9 per cent, a little lower than June’s figure of 3.1 per cent. The average UK house price is now £211,671 - a new record according to Nationwide.
Commenting on the figures, Robert Gardner, Nationwide's chief economist (that’s him in the picture), said:
“The annual pace of house price growth remained broadly stable in July. On the surface, this appears at odds with recent signs of cooling in the housing market.
“The number of housing transactions dipped to their lowest level for eight months in June, while in the same month the number of mortgages approved for house purchase moderated to a nine-month low of around 65,000.
“But a lack of homes on the market appears to be providing support, with annual house price growth remaining only just outside the 3 per cent to 6 per cent range that has been prevailing for most of the past two years. This pattern looks set to be maintained in the near term.”
So the message from the survey seems to be - if you are a first time buyer - that now is the time to buy if you can afford to 'get onto the property ladder'. Prices still seem to be rising faster than wages.
Well, I guess we would say that, wouldn't we? But if you are thinking of moving from an existing home or buying your first property, take a look at what Larkfleet Homes can offer on our website here.