The usual slowdown of home buying may have occurred as Nationwide reveals their latest survey data for November. Prices were down almost 4% in October, but remained 3.7% above the level recorded for November of last year. House prices were still creeping upward with an increase of 0.1% for November from October. The average house price was reported to be £196,305.

Nationwide chief economist Robert Gardner said, “While this bodes well for a sustainable increase in housing market activity in the period ahead, much will depend on whether building activity can keep pace with increasing demand.”

The increase in house prices is in line with reports showing that mortgage lending is staying on trend with rising demand. Home buyers are keen to take advantage of low interest rates while avoiding the possible house price increases due to continue, according to experts, through spring of next year.

The supply of homes on the market has continued to be low, which is part of the cause behind increased house prices. Much of the low supply is being contributed to the fact that there are fewer home movers. Homeowners are content to remain put and those that do are taking advantage of low interest rate remortgages available. As they find the possible savings attractive it makes sense to many to get a new deal and remain in their current home.

The end of the year is expected to see a slower but steady increase in demand from home buyers with a boost sometime in the beginning of next year. Inclement weather will have a negative impact on home sales, but home buyers will still be able to shop around online, which many first time buyers are still doing.

As interest rates remain low and lenders remain competitive, buyers should continue to have focus upon the housing market, which is expected to be a trend through the beginning of 2016.