House price growth stalls

Northern Ireland house prices were the strongest performing in the UK during 2017 with a 5.8% increase to an average of £139,599 research has found

United Kingdom house prices fell by 0.7 per cent in December, as prices' annual growth rate dropped to its lowest level in nearly six years.

Housing prices fell to £212,281 on average in December, compared to £214,044 the previous month, the Swindon-based building society said in a December 2018 report.

According to the Nationwide survey, annual house price growth UK-wide slowed from 1.9% in November to 0.5% in December.

Nationwide's chief economist Robert Gardner said the findings were not wholly unexpected, but that conditions may just be favouring buyers confident enough to make a move at a traditionally quiet time of year.

"We would expect United Kingdom house prices to rise at a low single-digit pace in 2019", he said.

"Despite slow house price growth, mainly pulled down by the capital, the UK's property market fundamentals are attractive, with interest rates historically low and "help to buy" schemes extended, indicating a potentially more positive start for the year ahead".

Across the United Kingdom, the average house price stood at £212,281 in December, down from £214,044 in November.

More news: Mediterranean diet named No. 1 eating plan for 2019

The Bank of England governor, Mark Carney, said last month that in the event of a "disorderly" departure from the European Union - not the central bank's base-case scenario - house prices could slump by 30% as part of a broader economic shock. The uncertainty of Brexit is also denting demand and clouding the economic outlook.

He said there have been indications a softening in the housing market was likely, including weakened consumer confidence.

The North South house price gap continues to narrow with northern regions growing between 3% and 4%, whilst prices in the south have moderated throughout the year.

The weakest performer regionally for annual house price growth was the Outer Metropolitan area, which includes Reading, Slough, Windsor and Maidenhead and Wokingham. "This is going to put incredible pressure on those in power to keep greasing the wheels with stamp duty reliefs and Help to Buy even though many believe they are counterproductive and slightly unsafe ways of fanning the flames of house price growth in the long term".

"Unfortunately, they are confirming a bit of a wake-up call for the housing market in that after steady progress, without much change one way or the other, prices have experienced a nasty bump".

Mark Harris, chief executive of mortgage broker SPF Private Clients, says: "Despite the political challenges in 2018, the housing market held up pretty well with low mortgage rates supporting activity".

'As long as borrowers can meet affordability criteria, whether they are taking out a new mortgage or switching to another deal, there will be plenty to attract them for a while yet, ' he said.

Related News:

  • Super Blood Moon 2019: When and Where Can You See It?

    Super Blood Moon 2019: When and Where Can You See It?

    January 20, the moon will also be relatively close to the Earth while it's full, which has recently become known as a Supermoon . A partial lunar eclipse occurs when the Earth moves between the sun and the moon, but the bodies are not perfectly aligned.
    Nurse may have played role in Kelsey Berreth's disappearance

    Nurse may have played role in Kelsey Berreth's disappearance

    The connection between that woman and Berreth's fiance Patrick Frazee, who is charged with Berreth's murder, is still unclear. Her cell phone pinged several days later in Idaho, almost 700 miles away from her Woodland Park, Colorado home.
    Bankers arrested in Britain over alleged $2bn fraud

    Bankers arrested in Britain over alleged $2bn fraud

    Subsidiaries of Privinvest have been named as primary suppliers to the Mozambican firms, Reuters reported . Kennedy airport in New York Wednesday and ordered to be detained, according to the government.
  • No breakthrough in U.S. gov't shutdown talks

    No breakthrough in U.S. gov't shutdown talks

    Second meeting set for tomorrow. "After so many decades, must finally and permanently fix the problems on the Southern Border!" I don't like that language, I wouldn't use that language, but I wouldn't establish language standards for my colleagues.
    Conor McGregor, Dee Devlin Welcome Their Second Child

    Conor McGregor, Dee Devlin Welcome Their Second Child

    According to The Star on Saturday, the couple are said to have had a daughter and are rumoured to have called her "Croia". Who would you like to see the "Notorious" Conor McGregor fight in his next octagon appearance?
    Hulk Hogan Returning To WWE RAW Next Monday In Orlando

    Hulk Hogan Returning To WWE RAW Next Monday In Orlando

    There has been speculation that WWE offered a contract worth several million dollars per year, but that has not been confirmed. He was inducted into the WWE Hall of Fame in 2006, by none other than Hulk Hogan.
  • 649 ticket worth $1 million bought in Winnipeg

    649 ticket worth $1 million bought in Winnipeg

    Throughout BCLC's history, a total of roughly $6.2 million in prizes have gone unclaimed, including yesterday's missed million. The winning Lotto 6/49 ticket was bought on January 3, 2018, and the victor had until 4:30 p.m. today to claim the money.
    Vocal Jimmy Butler Already Causing Problems With Sixers?

    Vocal Jimmy Butler Already Causing Problems With Sixers?

    There already have been reports of a little unrest between the new big 3 in Philadelphia, that of Simmons, Butler and Embiid. Fultz's future with the team, or as a basketball player actually, is completely up in the air.
    Jumanji Sequel Adds Danny DeVito

    Jumanji Sequel Adds Danny DeVito

    As if the returning cast for the next Jumanji film wasn't already stacked, another beloved Hollywood star is joining the ranks. Kasdan is also producing with Matt Tolmach and Johnson's Seven Bucks banner.
  • Tournament of Champions just another business trip for Brooks Koepka

    Tournament of Champions just another business trip for Brooks Koepka

    But it did not show on his scorecard as he sank seven birdies to take an early lead at the first PGA Tour event of the year. Kevin Tway did not watch his father play the 2004 tournament because he had to return home to go back to school.
    Purdue, Iowa to honor Tyler Trent at Thursday's basketball game

    Purdue, Iowa to honor Tyler Trent at Thursday's basketball game

    Purdue held Iowa to 13 points below their average and didn't allow a three point make in the second half (seven attempts)... The Boilermaker bench brought it as well, scoring 39, compared to Iowa's 10 bench points.

    This is the best time to see tonight’s Quadrantid meteor shower

    Nasa believes that between 60 and 200 Quadrantid meteors can be seen per hour under ideal conditions during the shower's peak. The stellar show is falling during a new moon, meaning the sky is darker and the meteors will be more easily visible .


Most liked

Man, 20, charged with capital murder in girl’s death
But investigators have not determined a motive and their focus remains on catching the killer, he said. Lee Merritt are offering a $100,000 reward for information that gives police a break in the case.

Court declares Vijay Mallya a fugitive economic offender under new law
With this, he has become the first businessman to be tagged so under the Fugitive Economic Offenders Act, 2018. He is now wanted here for charges of fraud and money laundering amounting to an estimated Rs 9,000 crore.

What's Going On With Apple
That's a big reason global smartphone sales were estimated to have fallen slightly in 2018, as they did the previous year. Sound familiar? Some of those excuses were valid then. "No one expected China to just fall off a cliff like this".

Warren may run for prez
But, she said, she doesn't think it'll do Warren any harm. "We need somebody who is focusing on our generation", Bashore said. Warren called for economic fairness in front of a cheering crowd of Iowa and Nebraska Democrats at a bowling alley.

EPL: why i signed for Chelsea - Pulisic
He said: "In this position we have only two players, Jorginho and Fabregas, so for me it would be really a problem without Cesc". Chelsea will face Newcastle United in their next Premier League fixture following a goalless draw with Southampton on Wednesday.

Man attacks McDonald's employee over a straw, woman fights back
Biandudi was there to use the rest room and buy herself a drink, while her daughter was waiting in drive through, for her parcel. She says after seeing how the man reacted, she thinks he needs help.

Roberto Bautista Agut wins Qatar Open title against Tomas Berdych
He added that his immediate aim was to "be fresh" and then win as many matches "as I can" in Melbourne at the Australian Open. Djokovic was in cruise control in the first set, winning 6-3, and took an early break in the second.

Chelsea midfielder Cesc on emotional farewell: This career goes so fast
The teenage winger nearly got one himself when he danced into the box only to see his shot blocked by a good low save by Steele. With 29 minutes played, Chelsea were awarded a penalty after Ruben Loftus-Cheek was brought down in the box.

Quadrantid Meteor Shower Tonight
Nasa believes that between 60 and 200 Quadrantid meteors can be seen per hour under flawless conditions during the shower's peak. The shower's radiant, in the obsolete constellation Quadrans Muralis, is in a star-poor but familiar area in the northeast sky.

New York Knick to miss London trip over assassination fears
In a piece for Time Magazine a year ago , Kanter addressed why he continues to speak out despite it affecting his family. But just because of that one lunatic guy, one maniac or dictator , I can't even go out there and just do my job.

Pay raises frozen for Pence, Cabinet members until shutdown is over
The guidance was issued Friday in a memo from Margaret Weichert, the acting director of the Office of Personnel Management. The raises are set to come as roughly 800,000 federal workers wait to see when they will next have a paycheck.

Poroshenko meets Erdoğan in Istanbul ahead of Ukrainian church independence ceremony
It favours European integration and championed the independent church but the Moscow Patriarchate denounces it as schismatic. Moscow and the Russian church, meanwhile, severed ties with Istanbul, the centre of the Orthodox world.

Blues, St. Louis to host 2020 NHL All-Star Game
It's not clear who would take over the spot, though the NHL's hockey operations department chooses the remaining All-Stars. Alex Ovechkin will not be attending the 2019 All-Star Game in San Jose, though not for a lack of support.

Bristol-Myers Squibb buying Celgene in $74B cash-and-stock deal
Last year, Celgene bought experimental cancer drug developer Juno Therapeutics for $9 billion, primarily for its CAR-T therapy. Since July 23, 2018 according to StockzIntelligence Inc Bristol-Myers Squibb has 13 analyst reports.

Yellow Vest leader detained in Paris
He was released yesterday after a night in custody following his subsequent arrest near the Champs-Élysées. Opinion polls suggest the French are evenly divided over whether the protest movement should continue.