Economic Buzz: UK House Price Inflation Rises More Than Expected

2 Aug 2022 , 02:47 PM

UK house price inflation accelerated less-than-expected in July, after easing in the previous three months, survey results from the Nationwide Building Society showed. The house price index logged a double-digit annual growth of 11.0 percent in July, faster than the 10.7 percent rise in June. On a monthly basis, house prices edged up 0.1 percent in July, following a 0.2 percent rise in the previous month. The average price for a UK home stood at GBP 271,209 in July compared to GBP 271,613 in the previous month. The housing market has maintained a surprising level of momentum despite rising inflation, which has already driven consumer confidence to its lowest point ever, data showed. Demand for properties continued to be underpinned by robust labor market conditions. At the same time, the limited stock of homes on the market has helped keep upward pressure on house prices. Powered by Commodity Insights