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- UK house price index rose more than expected in July
UK house price index rose more than expected in July
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Annual house price growth picks up to 2.5%
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Prices rose 0.6% month-on-month
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Any rate hike likely to have a modest impact
Commenting on the figures, Robert Gardner, Nationwide's Chief Economist, said: "There was a slight uptick in annual house price growth in July to 2.5%, from 2.0% in June. Nonetheless, annual house price growth remains within the fairly narrow range of c2-3% which has prevailed over the past 12 months, suggesting little change in the balance between demand and supply in the market. "Looking further ahead, much will depend on how broader economic conditions evolve, especially in the labour market, but also with respect to interest rates".
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