Nationwide confirms that house prices have remained strong in February.
House prices are still going up, given record highs coupled with three interest rate rises.
In February the average house price went up 0.7% to £174,706, so the building society reports.
This lack of new properties on the market has meant prices increasing 10.2% or £16,000 in the last year, although the Bank of England put up the cost of borrowing thrice since August.
Given that the three recent interest rate increases have taken their toll on the market, all indicators are not cooling as yet.
Mortgage demand and buyer interest are waning, but the supply of property coming onto the market remains low.
Low supply means that house price inflation is going to remain steady for a while longer, before slowly easing.
Property sales have been rising while the number of properties put on the market has been falling, seeing prices continue to rise.
Stretched affordability has meant mortgage approvals falling according to latest figures while estate agents report decreasing buyer enquiries after 18 months of price rises.
The buy to let sector is still strong and not immune to higher interest rates.
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Nationwide Confirms February House Prices Remain Strong
Wed, 28 Feb 2007
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