House price growth slowing
House prices were up just 0.9% in November, according to Nationwide’s most recent House Price Index report.
The building society, which produces a House Price Index report each month, explained that economic recovery has begun to lose momentum, following impressive growth in July and August. The economy is still considerably smaller than its pre-Covid level, they said.
Robert Gardner, Nationwide’s Chief Economist, said: “The outlook remains highly uncertain and will depend heavily on how the pandemic and the measures to contain it evolve as well as the efficacy of policy measures implemented to limit the damage to the wider economy. Behavioural shifts as a result of Covid-19 may provide support for housing market activity, while the stamp duty holiday will continue to provide a near term boost by bringing purchases forward.
“However, housing market activity is likely to slow in the coming quarters, perhaps sharply, if the labour market weakens as most analysts expect, especially once the stamp duty holiday expires at the end of March.”
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