United Kingdom Housing July 2018

United Kingdom

United Kingdom: Housing market rebounds slightly in July

July 31, 2018

According to the Nationwide Building Society (NBS), house prices in the United Kingdom rose 0.6% in July compared to the previous month in seasonally adjusted terms, down from June’s revised 0.7% increase (previously reported: +0.5% month-on-month). On an annual basis, house prices rose 2.5% in July, up from June’s 2.0% increase, which had marked a five-year low. The average house price in July was GBP 217,010 (July 2017: GBP 211,671).

Going forwards, house prices are likely to continue to increase at a mild rate, underpinned by tight supply. In addition, a gradual recovery in real wages should support demand. However, pessimistic consumer sentiment will likely weigh on the market. Monetary conditions will be another key determinant of the evolution of prices. With the Bank of England raising rates at its August meeting, this will have a slight knock-on effect on borrowing costs going forward for those with variable mortgages.


Author:, Economist

Sample Report

Looking for forecasts related to Housing in United Kingdom? Download a sample report now.

Download

United Kingdom Housing Chart


UnitedKingdom Housing July 2018 1

Note: Average price of a typical property in the U.K. and seasonally-adjusted month-on-month variation in %
Source: Nationwide Building Society (NBS).


United Kingdom Economic News

More news

Search form