A view of houses in Thamesmead, south east London, as the average UK house prices rose at an annual rate of 11 per cent last month, according to the mortgage provider Nationwide.A strong labour market and limited housing stock helped to boost UK house price annual growth by double digits in July, despite rising interest rates, high inflation and lower affordability.
Although the month-on-month price increase slowed from 0.2 per cent to 0.1 per cent, July marked the 12th consecutive monthly rise, keeping annual price growth in double digits for the ninth month in a row. Total housing market transactions in the three months to May were about 20 per cent below the elevated levels that resulted from the stamp duty holiday, Nationwide reported, but they were still 5 per cent above pre-pandemic levels.
With mortgage rates due to rise further and the cost of living crisis set to worsen, experts said they expected the housing market to cool in the coming months.
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UK house prices rise at slowest pace in a yearBritish house prices rose in July at the slowest monthly pace in a year and the market is likely to slow further as the cost-of-living squeeze tightens and the Bank of England keeps on raising interest rates, mortgage lender Nationwide said today.
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