The annual rate of UK house price inflation has hit double figures for the first time since June 2007, according to the Nationwide.
The building society said that house prices in the UK had risen by 10.5% in the year to the end of April. Also in the report the Nationwide :
- predict that later in the year the number of sellers will outstrip the number of buyers which will dampen house price growth
- they state that the rate of growth appears to be slowing - Growth over the last 3 months was only 1.1% higher than those of the preceding three months. That's the slowest three-month on three-month rate since June 2009
- also most of the 10.5% annual growth rate can be attributed to last summer's figures
- and that tighter mortgage lending means that activity in the housing market is still subdued.