Slowdown in house price growth
Following annual house price growth of 2.8% in December, Nationwide’s latest House Price Index reveals a continued slowdown, with growth of 1.1% in January 2023 compared to January 2022. Prices are now 3.2% lower than their August peak.
Commenting on the figures, Robert Gardner, Nationwide’s Chief Economist said, “There are some encouraging signs that mortgage rates are normalising, but it is too early to tell whether activity in the housing market has started to recover. It will be hard for the market to regain much momentum in the near term as economic headwinds are set to remain strong, with real earnings likely to fall further and the labour market widely projected to weaken as the economy shrinks.”
Your home may be repossessed if you do not keep up repayments on your mortgage