Only one day after article 50 was triggered we have learnt that UK house prices fell in March for the first time since 2015; according to a recent report published by mortgage lender, Nationwide.
March saw house prices decline by a monthly rate of 0.3 percent, compared with a rise of 0.6 percent in February.
Annually, prices were 3.5 percent higher, the weakest increase since August 2015. Economists had predicted house prices to rise by 0.4 percent in March from February and annual growth of 4.1 percent.
Nationwide Economist, Robert Gardner comments;
Interestingly, the spread in the annual rate of change between the weakest and strongest performing regions was at its narrowest since 1978 at 6.8 percentage points – the second smallest gap on record.
Home ownership has drastically declined, especially among the young
Robert Gardner said;
Over the past decade, there has been a particularly marked decline in the home ownership rate amongst young adults (those aged 25-34), traditionally the segment containing most first time buyers.
While the last couple of years have seen a slight improvement in the proportion of young adults owning their own home (currently 38%), this remains considerably lower than was the case ten years ago. The data also reveals a significant fall in home ownership rates amongst those aged 35-44 to just 56% (down from 74% in 2006).
Because of the decline in home ownership, the rental sector has seen a robust growth, with 20% of households in England now privately rented.
The number of privately rented households has increased by more than 75% over the last 10 years and currently stands at 4.5 million.