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Why is the Nationwide so down on the UK housing market?

The last 24 hours have given those looking towards buying their first property something to think about with news that Nationwide believes UK house prices will fall next year. While this is not a new view in the marketplace, the very fact that company with the reputation and the respect of Nationwide is suggesting a significant fall next year does give food for thought. So what is behind the suggestion that the market would weaken next year?

In simple terms, the UK economy is recovering at a very slow pace and many people believe the recent rise in house prices, which has built up enthusiasm amongst first-time buyers, is caused specifically by a shortage of quality housing on the market. Slowly but surely we will see more houses come to the market which will then reduce the pressure on individual sales and the pressure on upward price movements.

It is also worthwhile remembering that hundreds of thousands of UK homeowners are actually in negative equity and struggling to cover their monthly bills with more concerns to come over unemployment and job security. There may be light at the end of the tunnel that the tunnel is very long and there is some way still to travel!

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