UK house prices rise another 11% despite cost of living crisis

Annual property price growth hit 11 per cent last month, up from June’s 10.7 per cent hike, the Nationwide Building Society index found. Month-on-month, July house prices rose by 0.1 per cent.

Pete Mugleston, of Online Mortgage Advisor, said: “This is the 12th successive increase that has kept annual price growth in double digits for nine months in a row, despite predicted seasonal falls. It’s clear that the property market still remains resilient.”

However, price growth has fallen to its slowest rate in 15 months as soaring mortgage interest rates put buyers off.

The Bank of England’s expected sixth consecutive decision tomorrow to raise its main base rate – currently at 1.25 per cent – will further dampen demand.

Robert Gardner, of Nationwide, said: “We expect the market to slow as pressure on household budgets intensifies.”

Savills predicted house price rises will dip to 7.5 per cent by 2023.

Leave a Reply

Your email address will not be published.