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House prices are growing at the slowest annual pace in more than five years, as uncertainty about the economy and squeezed household budgets dampen demand, mortgage lender Nationwide has said.
Growth fell from 2pc in September to 1.6pc in October, far below the 2pc-3pc range recorded over the previous 12 months.
Britain’s biggest building society said the low growth was "in line" with its expectations, and predicted house prices to rise by around 1pc over the course of 2018. The average UK house price is now £214,534, down from £214,922 last month.
"Looking further ahead, much will depend on how broader economic conditions evolve. If the uncertainty lifts in the months ahead, there is scope for activity to pick up throughout next year," said Nationwide's chief economist Robert Gardner.
Learn Change and Adapt ?????
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Sounds about right; 4 or 5 years ago is about the time I started buying property for the first time in my life. I've had next to nothing capital growth over that period, am still in my day job which I was hoping to retire from, ain't life a *****!
It certainly debunks what used to be preached by the likes of Simon Zutshi, that "property prices in he UK at least double every 10 years". You'd need at least 7% p.a. growth every year for that to happen.
On long term average since say 1945 UK house prices did rise by around 10% cagr - a doubling every 10 yrs.
Much depends on which 2 dates are arbitrarily chosen for comparison - you could look at say 1990 vs 1995 - or 2007 to 2009/10 - and in both cases see a 20/30% drop.
Over past 40 odd yrs there has been a big disconnect between SE and Midlands/North after deindustrialisation
Interesting read. Maybe the slow down of house prices will help more first time buyers get on the property ladder, as the article said "there has been a recovery in first-time buyer transactions". Will be interesting to see over the next few months and post-Brexit if the uncertainty about the economy does actually lift and house prices grow again.
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