The pace of annual house price growth continued to soften at the start of 2015, slowing from 7.2% in December to 6.8% in January. This marks the fifth consecutive month in which annual growth has moderated, despite house prices increasing by 0.3% month on month in January. After taking account of seasonal factors, UK house prices are currently 2.4% above their pre-crisis peak.
Robert Gardner, Nationwide's Chief Economist, commented “The further moderation in the pace of price growth is unsurprising, given the slowdown in housing market activity in recent months. The number of mortgages approved for house purchase has been around 20% below the level prevailing at the start of 2014 and surveyors continue to report subdued levels of new buyer enquiries.”
|Headlines||Jan 2015||Dec 2014|
|Average Price (not seasonally adjusted)||£188,446||£188,559|
Read the full report here