UK annual house price growth lowest since June 2013

UK house prices rose by 3.2% year-on-year in August, according to the latest survey from mortgage provider Nationwide. That is the weakest annual pace since June 2013, and marks a slight slowdown from July. Month on month, prices rose by 0.3% in August, compared with 0.4% the month before. The average house value in August was £195,279, according to the Nationwide house price index. One reason why house price inflation has apparently weakened is a rapid growth in prices at this time last year, the Nationwide read more

Nationwide has withdrawn shared equity mortgages for home movers

Nationwide has withdrawn shared equity mortgages for home movers, including applications which qualified under the Help to Buy shared equity loan scheme. Nationwide will continue to lend to first-time buyers under the Help to Buy scheme. The building society said this was a direct response to an earlier move by Halifax to withdraw the availabilty of homemover shared equity and shared ownership mortgages through intermediaries. A spokeswoman said: "First-time buyers make up the majority of all shared read more

The Scottish government’s Help to Buy scheme has run out of money

The Scottish government's Help to Buy scheme has run out of money for this financial year, just three months after a new round started.   All the funds for the central area of Scotland have now been allocated - accounting for 80% of the funding. Buyers who were hoping for a Help to Buy deal there before next April will now have to find the extra money elsewhere or let their house deal fall through. The government in April set aside enough money to fund 2,000 home deals but by the start of July there were read more

Sterling has fallen back below $1.70 after Bank of England Governor Mark Carney sounded a more dovish tone on base rate rises.

Speaking to the Treasury Select Committee this morning, 12 days after saying the base rate could rise "sooner than markets currently expect", Carney said stronger growth may well be offset by the fact there remains spare capacity in the UK economy. That sent sterling down from $1.702 to $1.697, the pound having risen above $1.70 earlier this month as markets began pricing in a 2014 rate hike following Carney's Mansion House speech. Carney said this morning that recent wage data suggests spare capacity remains a read more

Scottish housing recovery stronger than North of England

The housing recovery in Scotland is now stronger than in the North of England, the latest LSL Acadametrics data has shown. Scottish house prices are only 2.4% below their April 2008 peak, compared to 8.1% in the North of England. Average prices in Scotland rose £6,435 in a year – the highest annual rise since October 2010. In Aberdeen City prices set a new record, having risen 17.1% over the last 12 months. Richard Sexton, director of e.surv chartered surveyors, part of LSL Property Services, comments: "For read more