House prices have grown 1.9%, up from 1.6% the previous month, according to the latest figures from Nationwide.

The average UK house price now stands at 214,044, an increase of approximately £10,000 since November 2017.

Housing supply picture improves

The supply of housing has improved substantially since the financial crisis when supply fell by 60%.

In 2017-18 new build completions in England reached 195,300, around 3% below pre-crisis levels.

The strongest growth in housing supply has been in the South West, London and the East of England which have seen strong house price growth over this period.

However, growth in supply has been more modest in the North East and North West where house prices are still near their 2007 levels.

Looking forward

Robert Gardner, Nationwide’s Chief Economist, said: “Looking forward, much will depend on how broader economic conditions evolve.

“In the near term, the squeeze on household budgets and the uncertain economic outlook is likely to continue to dampen demand, even though borrowing costs remain low and the unemployment rate is near 40-year lows.”

Nationwide House Price Index information is derived from Nationwide lending data for properties at the post survey approval stage.