Continuing the trend for the sixteenth month in a row, house prices edged up by 0.8% in August. As a result, the annual pace of house price growth is up to 11% from 10.6% in July.
Robert Gardner, Nationwide’s Chief Economist, commented, “While this is still below the 11.8% recorded in June, house price growth continues to outpace earnings by a wide margin, with average wage growth running at less than 1% in recent months. Nevertheless, at a national level, housing affordability does not appear stretched by historic standards, in part due to the low level of mortgage rates.”
|Average Price (Not Seasonally Adjusted)||£189,306||£188,949|
* Seasonally adjusted figure (Note that monthly % changes are revised when seasonal adjustment factors are re-estimated)