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Free AccessMNI: UK Nationwide House Prices Lower In February
--UK Nationwide Feb house price index -0.3% m/m, 2.2% y/y
LONDON (MNI) - UK house prices fell in February, falling 0.3% on the month,
with annual gains decelerating to 2.2%, down from 3.2% in January, the
Nationwide House Price Index showed.
Annual house price growth in the Nationwide series has held in a 2 to 4%
range since March 2017.
Nationwide's Chief Economist Robert Gardiner said the fall in prices was
not unexpected after the surprise gains in January.
"Month-to-month changes can be volatile, but the slowdown is consistent
with signs of softening in the household sector in recent months. Retail sales
were relatively soft over the Christmas period and at the start of the new year,
as were key measures of consumer confidence, as the squeeze on household incomes
continued to take its toll," he said.
"Similarly, mortgage approvals declined to their weakest level for three
years in December, at just 61,000. Activity around the year end can often be
volatile, but the weak reading comes off the back of subdued activity in October
and November (approvals were around 65,000 per month compared to an average of
67,000 over the previous 12 months). Surveyors report that new buyer enquiries
have remained soft in recent months," he said, repeating comments from January.
Gardner said a lack of supply continued to underpin the market, although
offset somewhat by rising pressures on household incomes.
"Housing market activity is anticipated to slow only modestly, since
unemployment and mortgage interest rates are expected to remain low by historic
standards. Similarly, the lack of properties on the market is likely to provide
ongoing support for house prices. Overall, we expect house prices to be broadly
flat, with a marginal gain of around 1% over the course of 2018," he said.
Going forward, Gardner thought the continued squeeze on household budgets,
along with Brexit issues, would weigh on further house price growth.
--MNI London Bureau; tel: +44 203-586-2225; email: les.commons@marketnews.com
[TOPICS: MABDS$,M$B$$$,M$E$$$,MT$$$$]
To read the full story
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.