Nationwide House Price Index August 2019
Brian Murphy, Head of Lending for Mortgage Advice Bureau comments:
"Reviewing the data released by the Nationwide this morning, it would appear that whilst average house price growth has been modest during July, the figures do at least indicate a level of positive change both month on month and year on year. Therefore, whilst not earth shattering at a headline level, one might suggest that this is an indication of continued market resilience.
"Looking at the rest of the report, it’s interesting to see that the Nationwide suggests a gradual change in home mover behaviour over the past five years or so, with people moving less frequently than they did pre 2007. Given the rise in house prices over the past few years and the costs of moving – especially when one factors in stamp duty – this is understandable, particularly if as the report suggests, lower levels of homes for sale have perhaps reduced the discretionary mover element of the market. The positive news, however, is that the Nationwide data indicates that first time buyers are now returning and are almost at parity with the numbers seen over a decade ago. This would suggest that the current market fundamentals of record low unemployment, increasing wage growth and low interest rates are indeed providing support for this group, enabling increased numbers to get on the property ladder.”
To read the full Nationwide House Price report, click here.
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