–Nationwide: UK July House Prices 0.2% m/m; -0.4% y/y
–Nationwide: Average July House Price Stg168,731
LONDON (MNI) – UK house prices rose modestly in July, but remained
0.4% lower than in the same month of 2010, according to the latest
Nationwide house price index.
Nationwide said that the 3-month on 3-month rate of increase slowed
to 0.3% compared with the 0.4% seen through June. Alongside other
housing market surveys, the Nationwide data adds to a picture of gentle
deflation in UK house prices.
Activity in the UK housing market has been very low by historic
standards.
According to Bank of England data, the number of mortgage approvals
have been running at little more than half its long-run average since
January 2010. The May BOE data showed monthly mortgage approvals at
45,940, compared to the long run average of 88,655 and the June BOE data
are out later, at 0830 GMT.
Commenting on the latest house price figures, Robert Gardner,
Nationwide’s Chief Economist, said that sluggish demand for homes,
combined with only a gradual rise in the supply of available properties
is keeping a lid on price rises.
–London newsroom: 4420 7862 7492; email: wwilkes@marketnews.com
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