Building society reports weakest growth in prices for two years in August despite 0.3% monthly rise

The annual rate of house price growth was the weakest for two years in August, said Nationwide, despite a 0.3% monthly rise in prices.
The average house price in the UK is now £195,621, £342 more than in July. However, the annual pace of house price growth edged down to 3.2% from 3.5% the previous month.
“This month’s data provides further evidence that annual house price growth may be stabilising close to the pace of earnings growth, which has historically been around 4%,” said Robert Gardner, Nationwide’s chief economist.
However, he added that this trend might not be maintained unless the pace at which houses are being built accelerates.
The average house price in the UK is now £195,621, £342 more than in July. However, the annual pace of house price growth edged down to 3.2% from 3.5% the previous month.
“This month’s data provides further evidence that annual house price growth may be stabilising close to the pace of earnings growth, which has historically been around 4%,” said Robert Gardner, Nationwide’s chief economist.
However, he added that this trend might not be maintained unless the pace at which houses are being built accelerates.



