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| House price growth slowed in 2017, says Nationwide | House price growth slowed in 2017, says Nationwide |
| (35 minutes later) | |
| House price growth saw a modest slowdown in 2017, with London the weakest performing region, the Nationwide building society has said. | House price growth saw a modest slowdown in 2017, with London the weakest performing region, the Nationwide building society has said. |
| According to its latest House Price Index, average prices have grown by 2.6% over the past 12 months, down from the 4.5% recorded in 2016 and 2015. | According to its latest House Price Index, average prices have grown by 2.6% over the past 12 months, down from the 4.5% recorded in 2016 and 2015. |
| In London, average house prices actually fell, although by a modest 0.5%, the lender said. | In London, average house prices actually fell, although by a modest 0.5%, the lender said. |
| London was the worst performing area for the first time since 2004. | London was the worst performing area for the first time since 2004. |
| "Low mortgage rates and healthy employment growth continued to support demand in 2017, while supply constraints provided support for house prices," said Nationwide chief economist Robert Gardner. | "Low mortgage rates and healthy employment growth continued to support demand in 2017, while supply constraints provided support for house prices," said Nationwide chief economist Robert Gardner. |
| "However, this was offset by mounting pressure on household incomes, which exerted an increasing drag on consumer confidence as the year progressed." | "However, this was offset by mounting pressure on household incomes, which exerted an increasing drag on consumer confidence as the year progressed." |
| Rates converging | Rates converging |
| Looking ahead to 2018, the Nationwide said it expected house prices for the year to rise by about 1%. | Looking ahead to 2018, the Nationwide said it expected house prices for the year to rise by about 1%. |
| "Housing market activity is expected to slow only modestly, since unemployment and mortgage interest rates are expected to remain low by historic standards," said Mr Gardner. | "Housing market activity is expected to slow only modestly, since unemployment and mortgage interest rates are expected to remain low by historic standards," said Mr Gardner. |
| "Similarly, the subdued pace of building activity evident in recent years and the shortage of properties on the market are likely to provide ongoing support for house prices." | "Similarly, the subdued pace of building activity evident in recent years and the shortage of properties on the market are likely to provide ongoing support for house prices." |
| The Nationwide said regional house price growth rates had converged over the past year. The fastest-growing region was the West Midlands, where average prices rose 5.2% year-on-year. | The Nationwide said regional house price growth rates had converged over the past year. The fastest-growing region was the West Midlands, where average prices rose 5.2% year-on-year. |
| However, significant disparities remain in price levels and affordability. The Nationwide said house prices in London were still about 55% higher than they had been in 2007, whereas in the North of England as well as the Yorkshire and Humberside regions, prices were lower than their 2007 peaks. |