The latest Nationwide House Price Index shows an annual increase of 2.1% in house prices, with a monthly decline of -0.2% for the first quarter of 2018.
The average house price across the nation sits at £211,625, up from £210,402 last month.
There is stability in the UK’s property market, as this month’s figures show as we enter into the busiest selling time. Although wages and employment rates across the nation are rising, the cost of living is also increasing with it.
As a whole, the North of England has been performing better than the south, and the North has the least expensive property prices. Not surprisingly, London still has the most expensive property values
With the capital being the worst performing region the UK for several months now, there is still a silver lining for potential home buyers who are trying to get on the ladder because prices are stalling, if not dropping.
Northern Ireland has been recorded as having the best price growth over the last year with a 7.9% increase, making the average house price £137,965. It is followed by Wales with a 6.1% increase, England (1.9%) and Scotland (0.2%) year on year.
Where house price growth is concerned, we seem to currently be in a state of property market limbo and this will no doubt last until our departure from the EU is finalised, if not a little while longer.
While we aren’t seeing the more positive upward growth trends UK homeowners have come to expect of property values over the last few years, the good news is that we still haven’t seen the disastrous market crash that many have prophesied, and it is very unlikely that we will.
The Easter weekend tends to act as the gateway to the spring selling season and traditionally brings an influx of market activity. While buyer demand remains somewhat subdued, market performance over the coming months will be the real indicator as to the wider health of the UK property market.Russell Quirk