London, England -- (SBWIRE) -- 03/27/2015 -- Elephant Removal, one of London's best known removal companies, have shared their thoughts on the news that annual house growth in the UK is at its weakest since September 2013.
Nationwide recently released their latest house price index, revealing that yearly growth had declined in February (5.7%) on the 6.8% recorded in January, marking the six consecutive month that year-on-year growth has declined.
The fall means that the average house price in the UK now currently sits at £187,964, following on from a 0.1% month-on-month fall. The figures also show that the number of people who own their homes has also dropped to its lowest figure in over a decade, at 63.3% in 2013/14 – down on the 65.2% seen the year previous.
Elephant Removals believe that while house prices have fallen, they'll possibly rise again later in 2015, stating that the removals sector has remained relatively unaffected by the downturn.
A representative for Elephant Removals said: "Thankfully, we've remained busy despite price growth ups and down these last few years. While less people have been selling as of late, we're still receiving calls from people and businesses every day who need our services to help them move from one location to another.
"It also wouldn't surprise us if the market starts an incline as get further into 2015 as there are a lot of experts out there who believe we're just hitting the bottom and will bounce back."
IHS global insight economist, Howard Archer, said: "We suspect that the weakening of housing market activity is now bottoming out and we see it picking up to a limited extent in 2015 from current levels."
Nationwide chief economist, Robert Gardner, added: "Mortgage rates remain close to all-time lows and consumer confidence remains buoyant thanks to a further steady improvement in labor 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."
About Elephant Removals
Elephant Removals is a London-based removal company who offer local, national and international removal services for domestic and commercial clients, including packing materials and storage facilities available.
For more information on their products and services, visit http://www.elephantremovals.co.uk
Company name: Elephant Removals Ltd
Tel: 020 8871 2950
Contact person: David Harris
Address:53 Wandle Way