UK house Prices Dip
The price of the average home in the UK edged down 0.1% in August to £210,495
UK House Prices Dip
UK house prices fell slightly this month in a further sign that the property market is cooling down as affordability is becoming an issue, especially for Britons in the South of England.
According to the latest figures from Nationwide the price of the average home in the UK edged down 0.1 per cent in August to £210,495 after a couple of months of rises, matching May’s performance, which was the lowest since the Brexit vote. Year-on-year growth also moderated to 2.1 per cent from 2.9 per cent in July, which is about half the pace of growth seen 12 months ago.
Robert Gardner, Nationwide's chief economist, said it was possible that mounting pressure on household finances was exerting a drag on the property market, especially in London and the South. He added: ‘Wages have been failing to keep up with the cost of living in recent months and consumer sentiment has weakened.
UK average property prices are 12 per cent higher than they were in 2007, although in London they are significantly higher at 56 per cent. Meanwhile,in the Outer Metropolitan and the Outer South East regions prices are 38 per cent and 26 per cent higher than the 2007 peak respectively.