The latest data from Nationwide revealed house prices are up 0.2% in June on a monthly basis, when adjusted for seasonal effects. Meanwhile, prices are up 1.5% year-on-year. The average house in the UK now costs £266,064.
Prices are now “around 3% below the all-time high recorded in the summer of 2022”, according to Nationwide’s chief economist Robert Gardner. This suggests the housing market is continuing to recover after taking a hit in the wake of Liz Truss’s mini-Budget in September 2022, when mortgage rates skyrocketed.
