The Nationwide Building Society has released figures that show a rise in house prices despite an increase in the interest rates. Brokers, who have also had a very strong summer, have backed these figures.
The new figures from the Nationwide have shown that the average house price in the United Kingdom has risen by £13,000.00 on last year’s figures, which is the equivalent to £35 per day for 12 months.
Despite this, interest in the property market remains strong, however there are fewer sellers on the market. With this in mind, there is little room for price negotiation. The buy-to-let market remains strong with some landlords hoping to increase their portfolios.
Our view
We still believe that interest rates will rise in February despite no increase yesterday.