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- UK house price remained unchanged in August compared to the previous month
UK house price remained unchanged in August compared to the previous month
Nationwide Building Society said, UK annual house price growth remained subdued in August, at 0.6%. In July, prices rose 0.3%. Prices unchanged month-on-month, after taking account of seasonal factors. Economists had expected a 0.1% increase.
Commenting on the figures, Robert Gardner, Nationwide's Chief Economist, said: “Annual house price growth remained below 1% for the ninth month in a row in August, at 0.6%. While house price growth has remained fairly stable, there have been mixed signals from the property market in recent months. Surveyors report that new buyer enquiries have increased a little, though key consumer confidence indicators remain subdued. Data on the number of property transactions points to a slowdown in activity, though the number of mortgages approved for house purchase has remained broadly stable. Housing market trends will remain heavily dependent on developments in the broader economy. In the near term, healthy labour market conditions and low borrowing costs will provide underlying support, though uncertainty is likely to continue to exert a drag on sentiment and activity.
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