UK house prices rose by 0.3% in January as the slowdown in activity that began towards the end of 2014 continued to soften growth, the country’s biggest building society said.
After a rush of sales in the first part of 2014, mortgage approvals started to drop off in the autumn and ended the year down by around a fifth, and reports from surveyors suggest there are fewer would-be buyers looking for homes.
In the first snapshot of the market in 2015, Nationwide said the monthly rate of growth was slightly higher than December’s figure of 0.2%, but the annual rate of price inflation had fallen for a fifth month running, this time to 6.8% from 7.2%, its lowest level for 14 months. The society said the average price of a UK home now stands at 188,446 – 2.4% above its pre-crisis peak.
Separate figures from Land Registry showed that over the course of 2014, prices across England and Wales rose by 7% to an average of 177,766. It said December had seen a 0.6% uplift in prices, although this masked big variations around the regions. In London, monthly growth was three times that figure, while in the north-west of England prices were down by 1.6% month on month. Across the year, there was growth in all regions, although that in London and the south-east and east of England was more than double that elsewhere.
via The Guardian
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