UK house prices rebound in July as growth ticks higher? Nationwide
UK house price growth edged higher in July, a tracker from mortgage lender Nationwide showed on Friday.
Property values increased by 0.6% month-on-month in July, following a 0.9% fall in June, taking the average UK house price to £272,664, Nationwide Building Society said.
The typical UK house price increased 2.4% annually in July, compared with 2.1% in June.
Robert Gardner, Nationwide’s chief economist, said: ‘Looking through the volatility generated by the end of the stamp duty holiday, activity appears to be holding up well. Indeed, 64,200 mortgages for house purchase were approved in June, broadly in line with the pre pandemic average, despite the changed interest rate environment...Despite wider economic uncertainties in the global economy, underlying conditions for potential home buyers in the UK remain supportive.’
Gardner said housing affordability in the UK has been ‘steadily improving’ since deteriorating after the pandemic, due to ‘strong income growth alongside more subdued house price growth and a modest fallback in mortgage rates’.
He added: ‘Unemployment remains low, earnings are still rising at a healthy pace (even after accounting for inflation), household balance sheets are strong and borrowing costs are likely to moderate a little further if bank rate is lowered further in the coming quarters as we, and most other analysts, expect. Providing the broader economic recovery is maintained, housing market activity is likely to continue to strengthen gradually in the quarters ahead.’
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