Monday again! Is it me or does the weekend go far too quickly? We hope you didn’t have too much of a spooky Halloween weekend and still managed to sleep with the lights off! Anyway, it looks like the “night of the living dead” month gave the housing market a wee fright, as Nationwide have claimed that the property market has “lost its momentum”.
BBC News published some latest statistics from one of the UK’s largest mortgage lenders, Nationwide, who claimed that the house prices are slowing down. In September 2014, the house price inflation was 9.4% which steadily slowed down to 9.0% in October. These figures are based on an annual basis and it is predicted to slow down even further over the upcoming months, especially in London. Although the month-on-month house prices increased by 0.5% in October 2014, Nationwide’s Chief Economist, Robert Gardner said that there are indicators which are influencing the housing market to lose its momentum.
“The number of mortgages approved for house purchase in September was almost 20% below the level prevailing at the start of the year”, said Mr Gardner.
However it’s not all doom and gloom. The house market’s momentum maybe missing, but the economic is still looking bright and stable. We hope that momentum will be found soon.
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