Business

Typical home £800 pricier than a year ago, says the Nationwide

Houses Image copyright Getty Images

The price of the average home rose by £800 in the last year, according to the Nationwide, marking a slow period for the UK housing market.

In the equivalent period three years ago, the average property price rose by £9,100, the building society's data shows.

UK house prices have risen by less than 1%, on a year-on-year basis, for each of the last 11 months.

The annual increase was 0.4% in October, the Nationwide said.

That meant the average home was now valued at £215,368.

The Nationwide figures, which are based on the building society's lending data, show that prices rose by 0.2% in October compared with September, and by the same level in the three months to the end of October compared with the previous quarter.

Robert Gardner, Nationwide's chief economist, said that the number of people in work in the UK had been relatively strong and meant house prices were relatively stable despite the political backdrop.

However, he said that any trend of rising unemployment would be "a significant concern" for the UK housing market.

Brexit uncertainty

Commentators said there were few signs of any change from the subdued housing market, although different regions do show different trends.

"It's hard to see the market emerging from this sub-1% annual growth rut until there is clarity on Brexit," said David Westgate, chief executive at Andrews Property Group.

"The sheer level of political uncertainty has left the property market in a protracted limbo [but] demand is being powered by cheap mortgages, a strong jobs market and a growing indifference to political events."

On Monday, figures from the Land Registry showed that 545 residential properties were sold in England for £1m or more in September. The majority of them - 304 - were in the Greater London area.

The most expensive property sold was a £17m semi-detached in the Kensington and Chelsea area of London. The cheapest was a flat in Sunderland, sold for £16,000.

Where can you afford to live? Try our housing calculator to see where you could rent or buy

This interactive content requires an internet connection and a modern browser.

View affordability data by UK region

View affordability data by local authority area

More on this story