UK house price growth continued to slow in July, new Nationwide data revealed on Wednesday.
The annual house price increase rate in July remained below 1% for the eighth consecutive month, with a month-on-month increase of 0.3%.
Housing prices also increased by 0.3% compared to the same period last year.
According to national data for June, house prices rose by 0.5% compared to June 2018.
Commenting on the data, Robert Gardner, chief economist at Nationwide, said: “While home price growth has been fairly stable, there have been mixed signals from the real estate market in recent months.”
“Although key consumer confidence indicators remain weak, the research team reports a slight increase in inquiries from new buyers.Although the number of home purchase approvals remains generally stable, “The data on caseloads shows a slowdown in activity,” Nationwide’s chief economist continued.
“Housing market trends will continue to be highly dependent on overall economic developments. In the short term, healthy labor market conditions and low borrowing costs will provide fundamental support, but uncertainty remains likely to impact sentiment and activity.”
Indeed, as the date for exit from the European Union approaches, the possibility of a no-deal Brexit is causing anxiety among consumers.
Just last week, Boris Johnson won the Conservative Party leadership election and became Britain’s new Prime Minister. But how will the new Prime Minister take Britain out of the European Union in a way that minimizes harm to British businesses in the long term?
Nationwide’s chief economist added: “Over the longer term, housing market activity has been broadly stable in recent years, with property turnover representing around 5% of the UK’s total housing stock.”
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