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Nationwide records 0.3% house price rise

Thursday, 29 June 2006 12:00 AM

House prices rose 0.3 per cent in June, figures from the Nationwide Building Society reveal.

This is the third month in a row that the organisation's house price index has recorded sluggish growth.

In the three months to the end of June the average UK property value has risen by just one per cent, to stand at £165,730.

But while growth is slow, a continued demand for homes means prices are not set to fall anytime soon.

Nationwide group economist Fionnuala Earley commented: "Estate agents' and house builders' data . . . show signs of more buoyant demand in May after a weak April.

"This could be a response to faster house price growth through the spring, and may support further price rises in the short term."

But this demand for properties has been held in check by a combination of high prices and specific events.

"Focus on the World Cup may mean lower activity in June which would seem more in line with house purchase approvals data from the Bank of England which has shown a softening trend," Ms Earley said.

"The deterioration in affordability and its likely impact cannot be ignored.

"Mortgage payments for someone on average earnings now take up around 42 per cent of take home pay compared with around 32 per cent three years ago.

"While earnings growth remains lower than house price growth the ability to pay constraint will continue to bite. So too will lending constraints in terms of income multiples and loan to value (LTV) limits, especially for young first-time buyers."

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