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Lenders Split on Monthly House Price Growth, Report Increases over the Last Quarter

Nationwide and Halifax are divided on the monthly growth of the housing market, but report increases for the quarter.

UK Property Prices Increase

Nationwide and Halifax are divided on the monthly growth of the housing market, but report increases for the quarter.

Based on their own individual house pricing indices, Nationwide and Halifax reported a 0.3% increase and a 1.4% fall in house prices respectively.


Halifax’s recorded month-on-month decrease sees property prices fall to an average of £209,495, with year-on-year house prices increasing by 9.7%. The bank accounted for the fall in house prices by saying that the decrease offset the 1.7% increase seen in January.


Though Halifax reports their monthly figures, they state that the quarterly house price change is a more reliable indicator of the direction that the housing market is taking. Here, the bank reported a 3.0% increase in property prices, whilst Nationwide’s own quarterly figures suggested a 1.4% increase on the previous three months.


Nationwide reported that the average house price now stands at £196,930, marking a 4.8% year-on-year increase in house prices and the eighth consecutive month of property price growth for the housing market.


The annual change in property prices for the building society has remained within the 3% to 5% range since May 2015, with an average increase of 4.17% for the past 12 months, suggesting a conservative level of growth within the UK.


Martin Ellis, housing market economist for Halifax said: ‘Prices continue to rise at a robust pace driven by a significant imbalance between supply and demand.’


Nationwide’s chief economist, Robert Gardner also commented on the role of Stamp Duty increases coming into effect in April as being a factor in the market’s current growth. He said: ‘This is likely to have brought forward a significant number of purchases, which in turn will probably result in a fall back in approvals during the spring/summer. Looking through this volatility we expect the underlying pace of activity to increase in the quarters ahead.’

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