Nationwide House Price Report – August
The latest report from Nationwide confirms house price growth of 0.8% in August.
It also highlights the drop in mortgage approvals at the start of the year but this was likely to have been due to the Mortgage Market Review as it has taken lenders several months to adjust to the changing criteria which has inevitably increased the time it take to underwrite a case. In fact only this morning Woolwich changed their criteria with regards to pension payments and over indebtedness so changes continue and will continue to until lenders are truly settled which may still take a few more months yet.
The report also mentions interest rates and they expect base rate to increase in quarter 1 of 2015, this is against our expectation of May/June 2015 but what seems certain is that whenever it happens we will see rates increase steadily starting next year. We look at that in more detail in our September blog and newsletter.
Read the full Nationwide house report by clicking here.