Despite some gloomy predictions I was pleased to note some positive news about the property market.
The Nationwide Building Society reported that the annual rate of house price inflation rose to 3.1% at the end of June, up from 2.1% from the end of May. The average price of a home in the UK is currently reported to be £211,301.
This strong rebound in prices comes at a time when the market is subdued with regard to house prices and mortgage approvals. Nevertheless these are positive signs.
Nationwide’s chief economist, Robert Gardener, was reported as saying that “in effect, after two sluggish months, annual price growth has returned to the 3-6% range that has been prevailing since early 2015.”
He went on to say that the squeeze on real incomes and the pressures of housing affordability continue to have an adverse effect on prices. However, he also felt that the lack of land stock for sale and the slump in building new houses should support prices.
Overall the Nationwide expect house prices to rise by some 2% in 2017.
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