UK Properties

House price growth of 1.9% in November was “pretty subdued” given Britain’s labour market is doing relatively well and mortgage borrowing costs are at historically low levels, says Nationwide’s chief economist Robert Gardner.

“I think this reflects the pressure that has been on households from high inflation and weak wage growth, and the fact that the outlook for the economy is still very uncertain,” he told the Today programme.

He says there is a wide range of ways Brexit could affect the housing market, with a shock hit from a “no deal” still unlikely.

“Our central expectation is the UK will eventually reach a deal with the EU and continue to grow, at a fairly modest pace in the near term with this accelerating as the uncertainty lifts… But we’re prepared for lots of different circumstances.”

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