Nationwide House Price Report February 2019

Nationwide House Price Report for February 2019

The Nationwide House Price Report for February 2019 has reported that annual house price growth remained ‘sluggish’ in February at 0.4%. The seasonally adjusted monthly change to 19 February showed a -0.1% fall with an annual house price (not seasonally adjusted) of £211,304. The latter figure being up from £210,402 in February 2018.

• Annual house price growth 0.4% in February
• Marginal house price fall month on month after taking account of seasonal factors
• Average house price (not seasonally adjusted) £211,304

Commenting on the figures, Robert Gardner, Nationwide’s Chief Economist, said: “After almost grinding to a complete halt in January, annual house price growth remained subdued in February, with prices just 0.4% higher than the same time last year. “Indicators of housing market activity, such as the number of property transactions and the number of mortgages approved for house purchase, have remained broadly stable in recent months, but survey data suggests that sentiment has softened.

“Measures of consumer confidence weakened around the turn of the year and surveyors reported a further fall in new buyer enquiries over the same period. “While the number of properties coming onto the market also slowed, this doesn’t appear to have been enough to prevent a modest shift in the balance of demand and supply in favour of buyers in recent months.

The Halifax go on to report that “The latest English Housing Survey from the Ministry of Housing, Communities & Local Government (MHCLG) showed a slight rise in the home ownership rate in 2018 to 63.5% (from 62.6% in 2017)”. The supportive labour market and a number of policy changes such as in the regulatory and tax system have improved the position of home buyers relative to investors. The government Help to Buy scheme has also had an impact on supporting the house market for home owners.

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