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House prices end the year on “flat” according to Nationwide
The a typical property price increased by 0.4pc month-on-month to £162,763, mortgage lender Nationwide announced, reversing the 0.3pc drop seen in November.
The upswing did not lift the annual rate of change above the 0.4pc rise reported for the previous month. Prices climbed on average just £660 over the last 12 months.
That meant they ended the year “essentially flat”, after the gains seen in the first half were wiped out in the last six months as increased supply outstripped demand, Nationwide said.
Scrapping of Home Information Packs (HIPs) following the election could have caused the flood of property on to the market, as the removal of the extra burden stopped putting off tentative sellers.
Nationwide says that surprise rise in December did not break down the overall downward trend.
December price increases do not mean anything because out of 6 months, prices have consistently dropped in four. Martin Gahbauer, Nationwide’s chief economist, said.
The three month on three month rate of change, which smoothes out volatility to provide a better picture of market trends, pointed to a continued fall in prices. However, the rate price reduction improved from minus 1.3% in November to minus 1% in December, rather than accelerating alarmingly.
The December figures do underscore the fact the current downtrend is only very modest, particularly when seen in comparison to the second half of 2008, said Martin.
Fourth quarter as a whole, Nationwide reported prices fell in 10 out of 13 UK regions.
East Anglia saw the most improvement, with prices rising 1.6pc over the three months, while Northern Ireland was the region suffering the largest drop, as prices fell 3.4%.
According to Nationwide, there is little chance of a strong recovery in demand.
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