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United Kingdom Housing June 2022

United Kingdom: House prices record weakest monthly reading since July 2021 in June

According to the Nationwide Building Society, house prices increased 0.3% month-on-month in June, following May’s 0.9% increase and marking the softest reading since July 2021.

Meanwhile, house prices increased 10.7% annually in June, down from May’s 11.2% increase, and the average UK home price climbed to a new record high. House prices continue to be boosted by tight home supply and a strong labor market.

On the outlook, Robert Gardner, chief economist at Nationwide, stated: “The market is expected to slow further as pressure on household finances intensifies in the coming quarters, with inflation expected to reach double digits towards the end of the year. 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.”

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