The annual pace of house price growth continued to soften in November, falling from 9.0% in October to 8.5%, marking the third consecutive month where annual growth has moderated. This is despite house prices increasing by 0.3% month on month in November.
Robert Gardner, Nationwide’s Chief Economist, commented, “Housing market activity levels have remained relatively weak in recent months. The number of mortgages approved for house purchase in September was almost 20% below the level prevailing at the start of the year and 27% below the long-term average. Similarly, housing market turnover rates are well below long-term averages. For example, the number of mortgage transactions is currently equal to around 4% of the housing stock - well below the long-run average of 6%."
|Headlines||Nov 2014||Oct 2014|
|Average Price (not seasonally adjusted)||£189,388||£189,333|
*Seasonally adjusted figure (note that monthly % changes are revised when seasonal adjustment factors are re-estimated)