- Annual house price growth slowed to 5.7% in February from 6.8% in January
- Annual house price growth slowed for the sixth month in a row
- UK house prices fell by 0.1% in February
Commenting on the figures, Robert Gardner, Nationwide's Chief Economist, said
“February saw a further softening in annual house price growth to 5.7%, from 6.8% in January. This is the sixth month in a row in which annual growth has moderated, with house prices declining by 0.1% month on month."
“The broader economic backdrop has remained supportive of housing market activity. Mortgage rates remain close to all-time lows and consumer confidence remains buoyant thanks to a further steady improvement in labour market conditions. Indeed, the unemployment rate has continued to decline and earnings growth has picked up, particularly in inflation-adjusted terms, thanks in part to the sharp decline in energy prices."
“Nevertheless, the pace of housing market activity remains fairly subdued. There was a small increase in the number of mortgages approved for house purchase in December, up 2% from 59,000 in November to 60,300 in December, though it remains too early to determine whether this marks a turning point in activity."
Read the full House Price Index report for February 2015.