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House price inflation stays steady.

Friday 08 December 2017

House prices rose by 2.5 per cent over the past year, Nationwide reported today, as the property market steadied itself at a lower rate of growth.

 

Britain's biggest building society said low mortgage rates and healthy employment were supporting the market - and it expected the Budget stamp duty cut for first-time buyers to give it a slight boost - although the average house price dipped £1,097 in November to £209,988. It welcomed Budget measures to increase the supply of housing and said that Britain still was not building enough, but flagged an emerging trend that is adding to homes available - with more offices being turned into homes. Despite the average price actually falling, Nationwide said the average UK home rose by 0.1 per cent in November, after seasonal adjustment - a statistical manipulation designed to enable slow sales months to be fairly measured against busier ones.  

House price inflation stuck at 2.5 per cent - the same rate as October - with the average property just over £5,000 more expensive than a year ago. Nationwide highlighted how much money first-time buyers would save from the Budget abolishing it for them up to £300,000. It said that previously 100 per cent of London buyers would have paid stamp duty and now 81 per cent would pay some but considerably less at an average of £9m778 compared to £13,102 previously. That contrasted with the North where 47 per cent of first-time buyers previously paid stamp duty and now just 2 per cent will, although the average bill dropped from just £639 to £100.




 

A list of our recent projects

A list of our recent projects

PM Boris Johnson has announced the most radical reforms to our planning system since the Second World War, making it easier to build better homes where people want to live.

PM Boris Johnson has announced the most radical reforms to our planning system since the Second World War, making it easier to build better homes where people want to live.

Permitted Development (PD) Rights have been updated

Permitted Development (PD) Rights have been updated

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