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Tuesday, March 03, 2015

Nationwide February house price data

Nationwide has released February house price data showing a slowing market place.

The bank recorded a fall of 0.1% in average house prices during the month which brings the 12 month growth rate down from 6.8% in January, to 5.7% in February.

This is the sixth month in a row to see a fall in their annual growth rate figure.

The Nationwide's Chief Economist, Robert Gardner,  commented: 

“The broader economic backdrop has remained supportive of housing market activity. Mortgage rates remain close to all-time lows and consumer confidence remains buoyant thanks to a further steady improvement in labour market conditions. Indeed, the unemployment rate has continued to decline and earnings growth has picked up, particularly in inflation-adjusted terms, thanks in part to the sharp decline in energy prices."

“Nevertheless, the pace of housing market activity remains fairly subdued. There was a small increase in the number of mortgages approved for house purchase in December, up 2% from 59,000 in November to 60,300 in December, though it remains too early to determine whether this marks a turning point in activity."

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