Nationwide Report House Price Growth

In positive news for the UK property market, the month of July saw a growth in house prices, both on a monthly and annual basis.

According to the latest figures from Nationwide Building Society, house prices rose by 0.6% in July. On an annual basis, growth also picked up slightly to 2.4%, up from 2.1% the previous month. The average UK house price now stands at £272,664. The pace of growth remains steady, with a consistent upward trend reflecting growing confidence in the market from both home buyers and sellers.

The UK house price-to-earnings ratio has now fallen to approximately 5.75, its lowest level in over a decade, and well below the record-breaking high of 6.9 recorded in 2022. This is a clear sign of gradual improvement for the property market. It helps to cement the market environment for up-sizers and first-time buyers, enhancing the overall shift towards affordability.

Alongside this, recent changes in the mortgage market have helped support buyer demand. The introduction of increased income lending multiples and implementation of a permanent Mortgage Guarantee Scheme are both designed to support borrowers – especially those with smaller deposits – and should add momentum to the market.
Looking ahead, the Bank of England is widely expected to cut interest rates next week, a move likely to boost buyer confidence further and steer the market on an upward path as we move towards autumn.

If you’re a homeowner thinking of selling, you can book a free, no obligation, expert valuation here, or contact your local branch via our website. If you’re a searching for a home, you can see the portfolio of properties we have available on our website, here.

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