Thursday 14 October 2021
2021 has been a strong year for the UK property market and Nationwide’s house price index reflects how resilient the market has been. With positive figures for regions across the UK, now is a great time to consider a UK property investment.
House price growth in the UK slowed sharply to 0.1% month-on-month in September, down from 2.1% recorded in August.
According to the Nationwide’s House Price Index, annual house price growth fell back to 10% in September, down from 11% in August. The lender said the average home is now valued at £248,742, about 13% higher than before the pandemic began in early 2020.
Nationwide reported Wales as the strongest performing region, with house prices up 15.3% year-on-year, the highest rate of growth since 2004. Next best was Northern Ireland (14.3%), followed by Yorkshire & Humberside (12.3%), then Scotland (11.6%).
Robert Gardner, Nationwide’s chief economist, said: “annual house price growth remained in double digits for the fifth month in a row in September, though there was a modest slowdown to 10% from 11% in August.
“House prices have continued to rise more quickly than earnings in recent quarters, which means affordability is becoming more stretched. Raising a deposit remains the main barrier for most prospective first-time buyers. A 20% deposit on a typical first-time buyer is now around 113% of gross income, a record high,” Gardner added.