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| Growth in UK house prices weakens, Nationwide says | Growth in UK house prices weakens, Nationwide says |
| (about 1 hour later) | |
| Annual UK house price inflation fell to its weakest level since November 2015 in January, according to mortgage lender Nationwide. | Annual UK house price inflation fell to its weakest level since November 2015 in January, according to mortgage lender Nationwide. |
| The 0.2% rise in house prices last month was down from a 0.8% rise in December, although that left prices 4.3% higher than at this time in 2016. | The 0.2% rise in house prices last month was down from a 0.8% rise in December, although that left prices 4.3% higher than at this time in 2016. |
| "The outlook for the housing market remains clouded," said Nationwide economist Robert Gardner. | "The outlook for the housing market remains clouded," said Nationwide economist Robert Gardner. |
| The average price of a house in the UK dropped slightly to £205,240. | The average price of a house in the UK dropped slightly to £205,240. |
| Mr Gardner said that so far there had not been a negative impact on the economy following the vote to leave the EU. | Mr Gardner said that so far there had not been a negative impact on the economy following the vote to leave the EU. |
| "The economy has remained far stronger than expected in the wake of the Brexit vote. | "The economy has remained far stronger than expected in the wake of the Brexit vote. |
| "Recent data indicates that the economy didn't slow in the second half of 2016 and the unemployment rate remained stable at an 11-year-low in the three months to November." | "Recent data indicates that the economy didn't slow in the second half of 2016 and the unemployment rate remained stable at an 11-year-low in the three months to November." |
| However, he added: "There are tentative signs that conditions may be about to soften. | However, he added: "There are tentative signs that conditions may be about to soften. |
| "Employment growth has moderated and while wage growth has edged up in recent months, in real terms, earnings growth has already slowed." | |
| Analysis: Brian Milligan, Personal Finance Reporter | |
| Even though the Nationwide reckons that house price inflation was 4.3% in January, it still believes the average figure for 2017 will end up at 2%. That implies a fairly dramatic dip in inflation during the months ahead. | |
| In fact it looks like house prices could soon be rising at a slower rate than the cost of living as a whole. | |
| In the smartest parts of London, prices have already fallen by up to 12% in the last year, according to some analysis. | |
| But Nationwide's gloomy outlook for the economy and house prices may be good news for house-hunters. |