Stability in the housing market has been restored, according to the latest report from Nationwide.
House prices were unchanged in November bringing annual growth to 2.4 per cent , down from 3.3 per cent last month and significantly lower that at this time last year when house price inflation was 15 per cent. The price of a typical house in the UK is 157,139 compared to 153,439 at this time last year.
In spite of the strong rebound in prices in October, the overall picture of stability rather than acceleration remains, says Nationwide. Record house prices continue to be a brake to the market, but the benign economic environment is relatively supportive
Nationwide says affordability could reach its long-term average in four years if house prices remain constant