UK house price growth remained subdued in August, with Nationwide reporting a 1.6% increase in prices over the year. This marks a slight rise from the 1.4% annual growth recorded in July.
On a monthly basis, house prices saw a 0.2% increase after seasonal adjustments, following a 0.1% fall in July. The average house price for August stood at £275,465, down from £276,581 the previous month.
Nationwide's chief economist, Robert Gardner, noted that market activity and house prices have been subdued due to an uncertain economic backdrop. He highlighted ongoing geopolitical tensions, which are pushing up energy prices and market interest rates.
Property sector figures have reacted to the data, with Nathan Emerson of Propertymark seeing stability, while Tomer Aboody of MT Finance suggested the market continues to soften. Jason Tebb of OnTheMarket observed that focused buyers were price-sensitive, indicating a subdued but resilient market.