The Nationwide House Price Index released this morning has revealed that house prices grew by 0.3% month on month in July.
The latest index shows that: House prices climbed by 0.3% between June and July of this year, up from 0.2% the previous month.
House prices were also up 2,1% year on year, with the annual rate of growth accelerating from 1.5% the previous month.
This marks the fastest pace of house price growth since December 2022.
Michelle Stevens, mortgage expert at personal finance comparison site finder.com gives her thoughts:
“The UK property market has started to see some glimmers of hope over the last month, with mortgage providers finally beginning to compete when it comes to lowering rates, thanks to expectations of an upcoming base rate cut. Just last week we saw Nationwide introduce the first sub-4% mortgage rate since February, and many are hopeful this could be a sign that the market is about to heat up again. If the Bank of England follows through with expectations and lowers the base rate in the next couple of months, I’m confident that house prices will continue to see growth in the second half of this year. In fact, we recently polled a panel of experts, and 70% believe that house prices will rise by up to 2.5% by the end of this year.”
