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Nationwide: House prices have risen

House prices are 5.8% higher than this time last year

Nationwide’s October House Price Index has revealed that house prices have risen 1% on September and are 5.8% higher than this time last year. The national average price of a house is now £173,678, still 7% below 2007’s peak of £186,044. It is the sixth month in a row that prices have gone up. Robert Gardner, chief economist at Nationwide, commented: “House price growth has accelerated as buyer demand has picked up more quickly than the supply of new homes. The risk is that if demand continues to strengthen while the supply of property remains constrained affordability could become stretched”.  According to Simon Wilkinson, Partner in Sheldon Bosley “a scenario that could in part be caused by the new Help to Buy scheme with many buyers worried about not being able to get on the housing ladder in the future if they don’t buy now”.