Prices for apartments and houses increased by a slight 0.3% in July 2024, the National Building Society (Nationwide) reported.
The dynamics of annual price growth increased from 1.5% in May to 2.1% in July, as a result of which the average cost of housing reached 266,334 pounds.
According to Robert Gardner, Nationwide's chief economist, the annual price growth rate is the highest since December 2022, but, nevertheless, it is still about 2.8% below the record values recorded in the summer of 2022.
"Activity in the housing market has remained stable in recent months, with the number of approved mortgages amounting to about 60,000 per month.Although this is about 10% below the pre-pandemic level, the figure is quite decent, given the higher interest rates, Gardner comments.
Last week, the Bank of England cut its key rate to 5%.
Potential buyers of apartments expect a further reduction in the rate and cheaper loans. However, experts warn that "cheaper mortgages will almost certainly mean higher asking prices."
Source: Forbes