The annual rate of house price growth picked slightly in October to 2.5 per cent, from a revised 2.3 per cent in September in the UK indicating stability in the housing market.
House Price Index released by Nationwide shows that annual house price growth remains within the 2 per cent to 4 per cent range that has prevailing since March.
Low mortgage rates and healthy rates of employment growth are providing some support for demand, but this is being partly offset by pressure on household incomes, which appears to be weighing on confidence. The lack of homes on the market is providing support to house prices.
According to Nationwide, economic growth was a little stronger than expected during the third quarter of 2017, increasing the likelihood of a rate rise in November. But, providing labour market conditions do not weaken significantly, the impact of a small rate rise on most UK households is likely to be modest.
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As well as the world's largest building society, Nationwide are also one of UK's largest mortgage providers. They have the longest unbroken run of house price data, stretching back to 1952 on a quarterly basis and 1991 on a monthly basis.