Nationwide reports rising house prices, as Opec hopes boost oil

Nationwide reports rising house prices, as Opec hopes boost oil

Jonathan Hopper, managing director of Garrington Property Finders, added: "Despite the enthusiastic reception given to the cut in Stamp Duty for first-time buyers announced in last week's Budget, it's too early to detect its impact in the increasingly stagnant picture painted by the Nationwide".

Annual house price growth stable in the United Kingdom is stable at 2.5%, up just 0.1% in November to an average of 209,988, according to the latest national index.

The Nationwide data also showed that the recent Budget decision to abolish stamp duty for first time buyers had a negligible impact on prices, as in many parts of the United Kingdom first time buyers were purchasing houses that fell under the previous price threshold of GBP125,000.

Stamp duty has been abolished when buying a first home up to a value of £300,000 in England, Northern Ireland and temporarily, at least, in Wales.

Ewen Bunting, head of sales at estate agents James Pendleton, said: "There was a definite spike in offer activity and buyer registration immediately after the Budget but it slowly hit home throughout the month that more money in your pocket means there's more in the competition's wallet too".

United Kingdom house prices rose marginally in November, slightly below expectations and continuing the recent trend of small gains.

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The figure, which is drawn from the lender's own mortgage data, was unchanged from the previous month.

There was a modest 0.1pc month-on-month increase between October and November.

Nationwide chief economist Robert Gardner said the latest data showed that while house price growth remained stable, annual growth remained stuck in the low 2-4% range that has prevailed since March.

Nationwide published figures which showed the average first-time buyer in the north of England would save around £500 in stamp duty, while the average first-time buyer in London would save more than £3,000. "For this reason, the focus in the Budget on increasing supply of homes in the year ahead was encouraging", Mr Gardner said.

Samuel Tombs, chief economist at Pantheon Macroeconomics, said: "House prices lost their upward momentum in November as rising mortgage rates began to depress demand and affordability".

Housing market activity remains subdued, with consumers feeling the squeeze from rising inflation and low wage growth.

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