Free Trial

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

(MNI) LONDON
(MNI) London

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.

“We continue to expect the market to slow as pressure on household budgets intensifies in the coming quarters," Gardner said. "Moreover, the Bank of England is widely expected to raise interest rates further, which will also exert a cooling impact on the market if this feeds through to mortgage rates."

MNI London Bureau | +44 203-865-3812 | les.commons@marketnews.com
True
MNI London Bureau | +44 203-865-3812 | les.commons@marketnews.com
True

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.