According to the Nationwide’s latest update, January witnessed a surprising rise in annual house price growth.
The rate rose to 3.2% up from 2.6% at the end of 2017. Prices increased by 0.6% over the month. The average price is now £211,756.
Click here to read the full press release from the Nationwide Building Society
Robert Gardner, the Nationwide’s Chief Economist, said:
“The acceleration in annual house price growth is a little surprising, given signs of softening in the household sector in recent months. Retail sales were relatively soft over the Christmas period, as were key measures of consumer confidence, as the squeeze on household incomes continued to take its toll. “Similarly, mortgage approvals declined to their weakest level for three years in December, at just 61,000.”
The press release also provides an update on Home Ownership. It remained fairly stable at 62.6% in 2017, down slightly from 62.9% in 2016. This compare to 70.9% in 2003.