UK house prices increased by 0.6% in August according to the Nationwide Building Society House Price Index, resulting in a slight pickup in the annual rate of house price growth to 5.6%, from 5.2% in July, although this remains within the 3-6% range prevailing since early 2015.
Founder of Ivy Gate, Jason Tebb, comments:
“It’s clear that despite the recent Brexit result, supply and demand factors are overriding the economic backdrop of uncertainty. With so few homes available, buyers are competing for the best property and as such, offers are being secured at or in excess of asking price.
Consequently, new properties coming to the market are being launched at elevated asking prices as a result of this demand.
We anticipate further increases in September, typically the busiest month of the year for new sales transactions, followed by a levelling off of asking price for the remainder of the year and a typical seasonal reduction in the first months of 2017.”
Summary Figures
· House prices increased by 0.6% in August
· Annual house price growth increased to 5.6%, from 5.2% in July
|
Headlines |
Aug-16 |
Jul-16 |
|
Monthly Index* |
409.2 |
406.7 |
|
Monthly Change* |
0.6% |
0.5% |
|
Annual Change |
5.6% |
5.2% |
|
Average Price (not seasonally adjusted) |
£206,145 |
£205,715 |
* Seasonally adjusted figure (note that monthly % changes are revised when seasonal adjustment factors are re-estimated)