House prices continued to grow in October says Nationwide
The latest house price index from the Nationwide building society shows that average UK house prices grew at one percent in October.
This pus the average house value at £173,678, up £1,551 on September but prices are still 7 percent below their 2007 peak.
Robert Gardner, Nationwide's Chief Economist, said:
“The UK housing market appears to be following the more resilient upward trend evident in the wider economy in recent quarters. House prices increased by 1% over the month in October, maintaining the momentum that has been building in the second half of 2013. After averaging less than 1% in the first half of the year, the annual pace of house price growth accelerated to 5.8% in October from 5% the previous month.”
Andy Knee, Chief Executive of LMS, said:
“Increased levels of competition in the property market are continuing to push house prices up further, with the average price currently sitting at 5.8% higher than this time last year. High rents and low returns on savings are continuing to draw people’s attention towards property, not only as somewhere to live but also as a means on investment.
“However, it is important to recognise the pressure that this increased demand is putting on the country’s limited supply of houses. Mortgage rates have never been so low, so if you were flirting with the idea of getting a mortgage there has never been a better time. If you are able to source the cash for a deposit and have found the property that you want, then snap it up before someone else does.”