Published: 01/03/2014 By Jason Carlon
Commenting on the figures, Robert Gardner, Nationwide's Chief Economist, said:
“House prices recorded their fourteenth successive monthly increase in February, rising by 0.6%. The price of a typical home was 9.4%higher than February 2013. Demand continues to be supported by record low interest rates, improved credit availability and rising consumer confidence thanks to the healthy gains in employment recorded in recent quarters. Price growth is being supported by the fact that the supply of housing remains constrained, with housing completions still well below their pre-crisis levels, which was already
insufficient to keep up with the pace of household formation. For example, in England around 109,500 new homes were built in 2013, this is 38% below the level recorded in 2007 and around half the projected number of households that are expected to form each year in t he years ahead."