Nationwide said the housing market was "treading water", as figures show house prices increased by only 0.3% in February following a 0.1% drop the previous month.
The lender said the lack of first-time buyers was "casting a shadow" over the outlook for the wider housing market, given how crucial the sector is to maintaining the flow of the property market. The three-month-on-three-month change was -0.1%, while property prices were 0.1% lower than a year ago at £161,183. Robert Gardner, chief economist at Nationwide, said: "The number of first-time buyers is only likely to increase substantially when labour market conditions strengthen. "With the UK economic recovery set to remain fairly modest, the improvement in employment and wages is...
To continue reading this article...
Join Professional Adviser for free
Signup and gain exclusive members-only insights
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes
