The pace of annual house price growth continued to soften as 2014 drew to a close, slowing from 8.5% in November to 7.2% in December. This marks the fourth consecutive month in which annual growth has moderated, despite house prices increasing by 0.2% month on month in December. The 7.2% increase recorded over the year as a whole, is modestly lower than the 8.4% gain recorded in 2013.
Robert Gardner, Nationwide's Chief Economist, commented “While cooling in the London market is a part of the story, this is not the main explanation for the slowdown evident in the UK figures in recent months. Indeed, annual price growth in the capital continued to outpace every other region in the UK, at 17.8% in Q4. Overall, 12 of the 13 UK regions saw the pace of annual price growth slow."
|Headlines||Dec 2014||Nov 2014|
|Average Price (not seasonally adjusted)||£188,559||£189,388|
*Seasonally adjusted figure (note that monthly % changes are revised when seasonal adjustment factors are re-estimated)