Nationwide have just released their latest house price index and first look at the UK market for the month of November.
It shows prices crept up 0.1% month on month and 4.4% annually, although this is a slower rate of growth. Nationwide point to a robust market and increase in buyer interest as the main factors behind this continued upward trend in prices.
But with Christmas fast approaching, it may be a bit late for last minute buyers and the festive season could see prices finally drop towards the end of the year.
It would seem that UK buyers are setting a tentative first foot out of their post-Brexit foxholes with a modest increase in new buyer enquiries just as home sellers, who have remained prominent in the market all year, decide to avoid this seasonal property cold snap and go into hibernation until 2017.
The UK property market has really taken a battering from a multitude of influences this year causing uncertainty in the sector and, it has weathered the storm, with prices still maintaining their upward trend this late in the year, albeit slowing the pace.
However, just like the current temperatures, the market will now see stock levels plummet as many choose to put their sale on hold over the festive season and resume their marketing in the New Year. We expect this might see a drop in prices at the last hurdle for 2016 in the December index, although this will be far from unusual and nothing to panic over.Russell Quirk