Nationwide’s house price index shows July saw the fastest pace of growth since December 2022 with an increase of 0.3% month on month, resulting in the annual house price increase rising from 1.5% in June to 2.1% in July. According to the index, the average house price is now £266,334.

Nationwide’s chief economist, Robert Gardner, indicates that the housing market has been steady in recent months.  Although still 10% below the number of mortgages it approved before COVID, Nationwide is currently approving around 60,000 per month, which he says is ‘respectable’ considering interest rates are high at the moment.

Halifax house price index shows the average price of a house at £291,268 in July.  This is an increase of 0.8% month on month in July – over £2,200 more than June – with an annual change of 2.3% – the highest since the beginning of 2024.

Caroline Murray, partners and head of Graysons’ property team says: “The housing market is generally slower in July and August, so this is good news.  No doubt the recent cut in interest rates, with the hope for more in the future, will have boosted confidence in buyers and sellers.”

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