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Mortgage lender sees cooling housing market
Thu, 01 Sep 2005
Nationwide has today released figures that show that the property market is currently witnessing a slowdown.

The mortgage lender found that house prices fell by 0.2 per cent during August, and although the annual growth rate continued to rise, it did so at a slower rate .

Commenting on the figures, Fionnuala Earley, group economist at the mortgage lender, said: "House prices increased in eight out of the last twelve months, but the general path of house price inflation continues to be soft.

"Prices fell by 0.2 per cent in August, reversing July's increase and continuing the gentle slowdown seen since the start of the year."

However, Ms Earley added that there are some positive results contained within its monthly index. She states that considering the current economic climate and the negative comment that has surrounded the sector, "the housing market has remained quite resilient".

The mortgage lender's economist also states that although the average house price has fallen to £158,348, when seasonally adjusted, the number of approvals in August this year is higher than in August 2004.

Ms Earley was also positive when discussing consumer confidence.

"Nationwide’s own consumer confidence indicator showed a return to stronger levels as the gloomy scenarios predicted earlier this year did not materialise."

Nevertheless, she also advised caution, stating there is "still downside risk should consumer spending not recover".

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