UK house price growth has again slowed down, third month in a row. Last month, across the country, the prices grew by 8.5 percent, lower than that of October.
In October the house prices rose by 9 percent, if followed the data of Nationwide.
Even though November saw a small growth in house prices, but gradual slowdown is a matter of concern. It is also said the London’s housing market is coming down more significantly than the entire country.
According to chief economist at Nationwide, Robert Gardner, in recent months the housing market activity levels have been weak.
He added further that number of mortgages approved for house purchase dropped by around 20 percent in September that was below the level prevailed during the start of the year. Similarly the housing market rates too are far below the long-term averages.
There is no reason for the UK property market to slow down at this time as the economy is growing healthy and also around two million more people now have jobs after the coalition government coming to power. So, there may be something of disconnect between the two.
Meanwhile, analysts feel the slow down should not be of concern and they are quite positive that the UK property market will grow up smoothly soon.
It is expected the residential prices will be bouncing back again in near future. The main reasons for this are that employment in the country is up and affordability too.
