A shortage of homes and record low borrowing costs will keep house prices relatively high in the months ahead despite a cooling economy.
Its latest index showed average house prices creeping up 0.1% in November, slowing the annual rate of growth to 4.4% and leaving the average UK home costing £204,947.
The building society’s chief economist Robert Gardner said: “Despite the uncertain economic outlook, demand conditions have strengthened a little in recent months, reflecting the impact of solid labour market conditions and historically low borrowing costs.”
Bank of England figures this week showed the average cost of new mortgage lending down to a new all-time low of just 2.16% in October.
Gardner added: “The relatively low number of homes on the market and modest rates of housing construction are likely to keep the demand-supply balance fairly tight in the quarters ahead, even if economic conditions weaken.”
Here at OffMarket we have been through a challenging 2016 with Brexit and uncertain times in America, but with any changes to the market there is always a chance to capitalise on this and use our powers of negotiating to keep supplying our clients with the best Offmarket deals the market has to offer.