House price growth rebounds in July as activity bounces back
Annual house price growth recovers to 1.5% in July
Prices up 1.7% month-on-month, after taking account of seasonal factors, reversing last month’s fall
Stamp duty holiday likely to provide further support in the near term Headlines
Commenting on the figures Robert Gardner, Nationwide’s Chief Economist, said:
“UK house prices rose by 1.7% in July, after taking account of seasonal effects, offsetting the 1.6% fall in June. As a result, annual house price growth recovered to 1.5%, from -0.1% last month. On a seasonally adjusted basis, house prices in July were 1.6% lower than in April. The bounce back in prices reflects the unexpectedly rapid recovery in housing market activity since the easing of lockdown restrictions. The rebound in activity reflects a number of factors. Pent up demand is coming through, where decisions taken to move before lockdown are progressing.”
Source: Nationwide
