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MNI BRIEF: UK House Prices Rise, Undimmed By Cost-of-Living

(MNI) London
(MNI) London

Nationwide Building Society report sees house price rises accelerating in July on an annual basis, although likely slowdown ahead.

True

UK house prices rose 11.0% year-on-year in July, despite consumer confidence sitting at an all time low, according to the latest Nationwide House Price Index.

Although facing headwinds including a string of rate rises from the Bank of England in recent months and consumer inflation sitting just shy of 10%, prices continue to rise, Nationwide chief economist Robert Gardner said Tuesday. However, with buyer activity slowing and mortgage applications dropping, prices are likely to cool in coming months.

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UK house prices rose 11.0% year-on-year in July, despite consumer confidence sitting at an all time low, according to the latest Nationwide House Price Index.

Although facing headwinds including a string of rate rises from the Bank of England in recent months and consumer inflation sitting just shy of 10%, prices continue to rise, Nationwide chief economist Robert Gardner said Tuesday. However, with buyer activity slowing and mortgage applications dropping, prices are likely to cool in coming months.

Keep reading...Show less