According to the UK’s largest building society, house prices took a minimal slide during the month of February of 0.1%. However, mortgage approvals increased for the second month running, which indicates to many experts that house prices will soon be rising again. Nationwide reported the national rate of inflation also took a slide for the sixth month in a row, to settle at slightly under 6%. House prices are also on the move, as the average price of a UK home now sits at £187,964, which is down from the recent high of £189,306 in August.

Robert Gardner, Nationwide’s chief economist, commented on current market conditions, saying: “Mortgage rates remain close to all-time lows and consumer confidence remains buoyant thanks to a further steady improvement in labour market conditions.

“The unemployment rate has continued to decline and earnings growth has picked up, particularly in inflation-adjusted terms, thanks in part to the sharp decline in energy prices.”

Matthew Pointon, property economist with Capital Economics commented on how the housing market appeared to be nearing a turning point, saying: “House prices held their ground in February according to the Nationwide. But with mortgage approvals rising for the second consecutive month, and mortgage rates dropping yet again, prices will soon return to a gentle upwards trend.”

Remortgage activity was quite lively during the month of January and that trend is expected to continue due to the amount of competition now being waged with members of the lending community. Deals are attractive and should remain so for the time being, according to many within the housing market.