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Wednesday, September 30, 2015

Nationwide's HPI sees 0.5% growth in September

Nationwide's September UK house price index reports an increase of 0.5% over the past month, bringing annual growth to 3.8%.

Their Chief Economist, Robert Gardner comments:

“The data in recent months provides some encouragement that the pace of house price increases may be stabilising close to the pace of earnings growth. However, the risk remains that construction activity will lag behind strengthening demand, putting upward pressure on house prices and eventually reducing affordability.

Indeed, in recent months surveyors have reported historically low levels of properties for sale and increased new buyer enquiries. Therefore it is unsurprising that most surveyors expect a pickup in house price growth in the months ahead."

The London market appears to be remaining strong despite the media talk of a 'wobble'. Annual price growth in the capital accelerated to 10.6% in Q3, up from 7.3% in Q2.

Robert Gardner reflects:

“The gap between London house prices and the rest of the UK has continued to reach new highs. The price of a typical home in the capital (£443,399 on our measure) is more than double the UK aggregate and more than three and a half times the price of the typical property in the cheapest UK region (the North of England)."

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