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Brakes Slammed on UK House Prices in July

Housing-Market / UK Housing Jul 26, 2007 - 03:02 PM GMT

By: Nationwide

Housing-Market

  • House price growth stalled in July, bringing annual growth back down into single digits
  • A rise in interest rates to 6% is firmly on the horizon, but weak household income growth and mortgage payment shocks highlight the risk of monetary overkill
  • The Housing Green Paper is a welcome step on housing supply but, as the recent flooding shows, the challenges ahead are substantial

Headlines July 2007 June 2007
Monthly index * Q1 '93 = 100 363.5 363.2
Monthly change* 0.1% 1.1%
Annual change 9.9% 11.1%
Average price £184,270 £184,070

* seasonally adjusted

Commenting on the figures Fionnuala Earley, Nationwide's Chief Economist, said:

“After surprisingly picking up steam in June, house prices were almost unchanged in July, and their underlying trend growth resumed a downward path.

“House prices managed a seasonally adjusted gain of only 0.1% in July, the slowest pace of growth since April 2006. The marked slowdown brought the annual rate of house price inflation down to 9.9%, following three consecutive months of double-digit growth. A typical UK property cost an average of £184,270 in July, £16,537 more than one year ago. The three-month on three-month rate of growth – often a better indicator of the underlying trend of house price inflation – slowed to 2.0% and resumed the downward path that had been interrupted in June.”

For further information please see this month's full report (PDF - 48KB)

Nationwide Archive

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