The Nationwide house price index for July has shown that house prices increased by 0.3 per cent in July, continuing a steady month-on-month rise.
Annual house price growth is at 2.9 per cent, only slightly lower than June’s rate of 3.1 per cent. Nationwide stated that “this appears at odds with recent signs of cooling in the housing market.”
Founder and CEO of eMoov.co.uk, Russell Quirk, commented:
“UK homeowners will have their fingers crossed that this turn around in price growth will be more consistent than the British summertime.
“At a glance, it looks as if the dark clouds of buyer and seller uncertainty are finally starting to lift from the UK housing market, with welcome signs of positive property price growth beginning to shine through.
“The summer months can generally be a slower time of year with many taking a break from their sale to go away, so it is promising that the market has bounced back despite the slump in transactions and mortgage approvals witnessed in June.
“Although buyer demand may take some time to return to normal levels, a sustained shortage of stock should continue to stimulate an upward price trend.”