Ekonomické zprávy

House price growth in the UK slowed sharply in January

Data from the Nationwide Building Society showed that in January house prices increased by 1.1% per annum after rising by 2.8% per annum in December. Economists had expected price growth to slow to 1.9% per annum.

Meanwhile, on a monthly basis, house prices fell by 0.6%, which was stronger than the 0.3% drop in December (revised from -0.1%). Consensus estimates suggested a decrease by 0.3%. Prices now 3.2% below August’s peak (after taking account of seasonal effects).

Nationwide said that there are some encouraging signs that mortgage rates are normalizing, but it's too early to say whether housing market activity has begun to recover.

"It will be difficult for the market to regain significant momentum in the near term, as economic constraints will remain strong, with real incomes likely to fall further, and the labor market is projected to weaken as the economy shrinks. If the recent decline in mortgage rates continues, it should help improve housing affordability for potential buyers, albeit modestly, as well as a steady rate of income growth. However, the overall affordability situation looks set to remain challenging in the near future," said Robert Gardner, Nationwide's chief economist.

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