Are UK house prices steadying?

House price growth steady at 2%
UK house price growth has steadied at 2% with prices up by 0.3% in September
  • Annual house price growth at 2%
  • Prices up 0.3% in September
  • North weakest performing region 

Annual house prices grow by 2%

Annual house price growth has stabilised at 2%, according the Nationwide, with the average UK house price now standing at £214,922.

House prices were up by 0.3% in September, with prices varying across the regions. The North was the weakest performing region, with prices down 1.7% year on year. taking the average house price in the region to £125,085.

Yorkshire & Humberside top performing region

Yorkshire and Humberside was the top performing region for the first time since 2005, with an annual house price growth of 5.8%. The average cost of a home in the region now stands at £160,263 .

London still remains the most expensive region with an average property price of £468,544, still more than 50% above their 2007 highs.

House prices expected to rise 1% in 2018

Robert Gardner, Nationwide’s Chief Economist has believes that, overall, house prices will rise by around 1% over the course of 2018.

Gardner further added: “Looking further ahead, much will depend on how broader economic conditions evolve, especially in the labour market, but also with respect to interest rates.

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