Average house prices remained broadly unchanged last month, edging up just fractionally from August’s figure of £214,745 to £214,922.
Nationwide said the average annual house price growth was steady at 2%, but that the north was the weakest performing region in the third quarter of this year with average prices down 1.7% on an annual basis.
Robert Gardner, Nationwide’s chief economist, said: “Annual house price growth was stable in September at 2%.
“Indeed, annual house price growth has been confined to a fairly narrow range of around 2-3% 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 on-going 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.”
Gardner said there was a mixed picture across the regions.
He said: “Overall, UK house price growth remained broadly stable, but regional house price developments were more varied.
“For the fifth quarter in a row London prices fell in annual terms, though the decline remained modest at just minus 0.7%.
“Indeed, prices in the capital are only about 3% below the all time high recorded in Q1 2017 and are still more than 50% above their 2007 levels.
“Yorkshire and Humberside was the strongest performing region in the UK, with prices up 5.8% year on year.
“The east midlands continued to see relatively strong growth, with prices up 4.8% year-on-year.”
Tell that to the over zealous surveyors in Yorkshire. They are a sadistic bunch, that’s for sure.
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Here Here ^^^
And the one’s in the East Midlands
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Probably been the most stable market I’ve known in 20 years. Prices about the same last year as this year.
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Down almost 20% in London.
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