The Nationwide released its HPI for June.
- UK house prices fell by 0.2% in June
- Annual house price growth moderated to 3.3% from 4.6% in May
Commenting on the figures, Robert Gardner, Nationwides Chief Economist, said:
“The annual pace of house price growth continued to slow in June, moderating to 3.3% from 4.6% in May. This maintains the gradual downward trend that has been in evidence since mid-2014, though this is the smallest annual rate of increase for two years. House price growth continues to outpace earnings, but the gap is closing, helped by a pickup in annual wage growth, which moved up to 2.7% in the three months to April from 1.9% at the start of the year”.
“The slowdown in house price growth is not confined to, nor does it appear to be driven primarily by, developments in London. In quarter on quarter terms, London has continued to see price growth at or above the rate in the UK overall over the past three quarters, while the annual rate of price growth in the capital remains the second highest in the country. “Eleven of the thirteen UK regions saw a slowdown in the annual rate of growth in Q2. Most parts of the country continued to see annual house price gains – the exceptions were Wales and Scotland, which recorded small declines.
Housing stock likely to be used more intensively unless supply picks up
“Given the gap between population growth and rates of housebuilding (which has been evident for some time) the housing stock is likely to be used increasingly intensively until building activity catches up. There are signs that this has been occurring, with the number of vacant properties trending down since 2008, though council tax changes in 2013 impacted reporting and probably overstate the decline in the last two years.
- Rental Market Sees Surge in Tenant Inquiries - May 2, 2024
- Rental Crisis: Less Than Half of Homes Ready - April 30, 2024
- Thinking Of Buying A Ground Floor Flat? Common Issues You Might Face - April 30, 2024
