Brian Murphy, Head of Lending for Mortgage Advice Bureau comments on the Nationwide House Price Index:
"The report issued by the Nationwide this morning is based on lending for house purchases at post survey approvals stage and therefore provides us with a good indicator of UK housing market activity from one of the country’s biggest mortgage lenders.
"The figures suggest that the average annual rate of growth has increased this month, a reversal of the picture from October, meaning that values have returned to forecasted levels after a slight dip last month. This is, of course, a headline rate of growth and therefore doesn’t reflect the areas of the UK where growth in values is more significant, for example Scotland, the Midlands and Wales.
"It’s interesting to note that the Nationwide report highlights new build figures, and particularly that the net number of additional dwellings is now only 3% below 2007/2008 levels. Whilst some regions, such as London and parts of the South East have undoubtedly seen a market slowdown of late, the demand for housing and ongoing consumer confidence in other areas means that developers are still seeing opportunities, particularly at the entry level of the market where Help To Buy is assisting with disposal of units.
"Given the raft of news headlines over the last few months, one might be forgiven for assuming that the property market would, as a whole, have taken quite a battering in 2018. However today’s figures somewhat suggest otherwise; month after month this year consumers have proven that, regardless of the current uncertainties and political climate, if the time is right for them personally to buy a home they are doing so.”
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