UK house prices rise for first time since April, says Nationwide
Summary
UK house prices rose by 0.2% in August, the first increase since April, according to Nationwide. The market remains cautious as buyers and sellers await the Bank of England’s decision on possible interest rate changes later this year.Key Facts
- The average UK house price in August was £275,465, up 0.2% from July.
- This rise ended a three-month decline in house prices.
- House prices increased by 1.6% compared to the same month last year.
- Economists expected a 2% annual increase, so the actual rise was lower than forecast.
- The Bank of England’s Monetary Policy Committee will decide on interest rates on 17 September.
- Most think interest rates will remain the same in September but could rise by 0.25% by December.
- Rising energy costs have not yet slowed house buying or selling.
- House price growth is slower than wage growth, helping affordability despite higher mortgage rates.
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