The Nationwide August HPI has seen continued stable rises in house prices with the 16th successive monthly increase. Monthly increase of 0.8% since July 2014, which saw a small 0.2% increase.
- Monthly increase of 0.8% since July 2014, which saw a small 0.2% increase
- Annual increase up to 11% from the 10.6% increase seen in July.
- The average (not seasonally adjusted) house price for the UK is now £189,306
Affordability has been a key component in many reports on the housing market, yet the first time buyer mortgage costs, as a percentage of their take home pay, has been fairly static around the long run average since mid-2010.
Commenting on the figures, Robert Gardner, Nationwides Chief Economist, said:
“UK house prices edged up by 0.8% in August, marking the sixteenth successive monthly price rise. As a result, the annual pace of house price growth is up to 11% from 10.6%
“The outlook for the housing market remains highly uncertain. The number of mortgage approvals fell by almost 20% between January and May, suggesting that activity was cooling. However, there was a modest rebound in June and it is unclear how much of the slowdown was due to the introduction of Mortgage Market Review rather than an underlying loss of momentum.