Property prices in the UK increases in August

house priceHouse prices in the UK increased by 0.6% in August and are now over 5.5%. According to Nationwide data, the continued growth takes the average price of a home to over £206,000, and also indicates that an expected fall due to EU results has not yet happen. The pace in price growth is somewhat at probability with signs that housing market activity has slowed in recent months.

Robert Gardner, Nationwide’s chief economist, says: “The price growth includes a reduction of new buyer enquiries to the introduction stamp duty charges on second homes in April and the uncertainty surrounding the EU referendum. However, the decline in demand appears to have been matched by weakness on the supply side of the market. This helps to explain why the pace of house price growth has remained broadly stable.”

Russell Quirk, CEO of eMoov, says: “The housing market is in a stronger position than it was in August 2015 compared year on year and the market will kick it up a gear in September.”

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