Newly released figures show that house prices in Britain increased by 2 per cent year on year for September. According to Nationwide, house prices grew by 0.3 per cent from August to September this year, taking the average property in Britain to £214,922.
In what has been cited as a “fairly stable picture for the whole of the UK,” house prices in the capital are just 3 per cent below their all-time high in early 2017 and remain 50 per cent higher than they were in 2007.
Regions that have experienced the biggest growth year on year for September, have been Yorkshire and Humberside, which has seen an annual growth of 5.8 per cent, and the East Midlands, where house prices have increased by 4.8 per cent.
Robert Gardner, Nationwide’s chief economist, believes house prices are likely to continue to grow at a modest rate.
“Looking further ahead, much will depend on how broader economic conditions evolve, especially in the labour market, but also with respect to interest rates.
“Subdued economic activity and ongoing pressure on household budgets is likely to continue to exert a modest drag on housing market activity and house price growth this year, though borrowing costs are likely to remain low,” Gardner commented.
Nationwide predicts that house prices will grow in Britain by a rate of 1 per cent for the whole of 2018.
With house prices continuing to rise across the UK but at a modest rate, now could be considered a good time to purchase property in Britain.
Buying property at auction can be a great way to find your dream home for the best price.
If you are thinking about buying property at auction and capitalise on what has been described as a “stable” property market for the whole of the UK, check out our Guide to Buying at Auction.
You can also browse through the current lots we have available in our forthcoming property auction in London.