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UK Property Prices Increase at Fastest Rate Since December 2022

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    Annual Rate of Price Growth Hits 2.1%

    The latest Nationwide House Price Index has revealed that the growth rate has accelerated to an 18-month high.

    The new report states that, according to Nationwide data, UK house prices increased by 0.3% month-on-month in July. The annual growth rate picked up from 1.5% in June to 2.1% in July 2024, the fastest rate of growth since December 2022.

    This brings the average price up from £266,064 to £266,334.

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      Market Activity Ongoing at ‘Respectable Pace’

      This year, the housing market has experienced a flurry of positive activity, leading to a better-than-expected performance.

      According to Nationwide, activity has been stable in recent months, and the number of mortgages approved for house price purchases stands at around 60,000 per month. While this is approximately 10% below pre-pandemic levels, Nationwide calls it a ‘respectable pace given the higher interest rate environment’.

      According to other house price indexes with access to more activity data, such as Zoopla’s, there are positive signs of increased activity. This includes more sellers listing homes and more agreed-upon sales. Buyers are also paying a larger proportion of the asking price on average as market confidence improves.

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      Base Rate Finally Cut to 5%

      The Bank of England just announced its first rate cut since March 2020, which has been highly anticipated. The rate was held for several months at a 16-year high of 5.25%. Now, the Base Rate is 5%.

      Nationwide’s Chief Economist Robert Gardner said: “UK house prices increased by 0.3% month on month in July, after taking account of seasonal effects. This resulted in a slight pickup in the annual rate of house price growth from 1.5% in June to 2.1% in July – the fastest pace since December 2022. However, prices are still around 2.8% below the all-time highs recorded in the summer of 2022.

      “Investors expect Bank Rate to be lowered modestly in the years ahead, which, if correct, will help to bring down borrowing costs.”

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      Author

      Jessica Ferris

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      Jessica Ferris is a property writer at RWinvest, helping our readers stay ahead of property market trends with the latest news and statistics.

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        Daniel Stewart, has assisted me every step of the way. This is my first property purchase and so took Daniel up on his offer to guide me through every step no matter how small. I felt comforted to have his assistance in documents I needed to both understand and sign. Couldn't be happier with the help and customer care I have received so far.

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