House prices on hold over the summer
UK House prices didn’t change in the last month, according to Nationwide, which said the average house price is now 216,096.
It recorded a minimal upwards tick of just 0.6% in average prices over the last year and the Society’s chief economist, Robert Gardner, noted that this marked house price inflation of less than 1% for the ninth month running.
He added: “While house price growth has remained fairly stable, there have been mixed signals from the property market in recent months.
“Surveyors report that new buyer enquiries have increased a little, though key consumer confidence indicators remain subdued. Data on the number of property transactions points to a slowdown in activity, though the number of mortgages approved for house purchase has remained broadly stable.
“Housing market trends will remain heavily dependent on developments in the broader economy. In the near term, healthy labour market conditions and low borrowing costs will provide underlying support, though uncertainty is likely to continue to exert a drag on sentiment and activity.
Lucy Pendleton, founder director of estate agents James Pendleton, said that buyers are looking but not committing: “The property market remains in a state best described as stasis and for a good 15 months now, buyer behaviour has been characterised by a good deal of tyre kicking.
“Evidence of this can be seen in the woeful transactions figures of late. However, that’s not to say that buyers have retreated entirely. They are still looking. In fact, buyers are still all over the property portals like a rash but they just aren’t pulling the trigger.”