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House prices on the rise

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House prices on the rise

September 2015 has seen a 0.5% growth in UK house prices, with an annual growth increase of 3.8%.

This is a significant change as the growth had slowed slightly in August 2015 with the monthly change at 0.3% (seasonally adjusted) and annual change at 3.2%.

Robert Gardner, Chief Economist at Nationwide said of the figures:

“UK house prices increased by 0.5% in September, with the annual pace of house price growth picking up modestly to 3.8%, from 3.2% in August. 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.”

London house prices also continue to grow, causing the gap between London and the rest of the UK to rise to an all time high, with the average price being £443,339 compared to the average price of a home in the East Midlands of £160,525 over the last 12 months.

There is still a shortage of property, particularly at the lower end of the market and demand remains strong from first time buyers and landlords. Now is still a good time to move house as interest rates remain low. There are some very low 5 year fixed rates available and demand for property remains strong.

Source: Nationwide. www.nationwide.co.uk/hpi