We use cookies on this site to improve your experience and help us provide you with a better website. An explanation of the cookies we use and their purpose can be found within our Cookie Policy. Your continued use of this site means you consent to the use of cookies.

August 2017

UK house prices rise slightly

Published: Thursday 03 August 2017

New figures reveal that UK house prices rose slightly month-on-month in July to reach a new record high.
By David Fuller

According to the latest Nationwide Building Society House Price Index, the average UK property price currently sits at £211,671 – a new record for the Nationwide index.

UK property prices rose by 0.3 per cent in July compared to June, and were 2.9 per cent higher than they were in the corresponding month a year previously.

“The annual pace of house price growth remained broadly stable in July at 2.9 per cent, only a touch lower than the 3.1 per cent recorded in June,” said Robert Gardner, Nationwide’s Chief Economist.  “On the surface, this appears at odds with recent signs of cooling in the housing market. The number of housing transactions dipped to their lowest level for eight months in June, while in the same month the number of mortgages approved for house purchase moderated to a nine-month low of 65,000.”

This slowdown in buyer activity is likely to continue, while maintaining slight property price growth for the time being, yet Gardner believes wider economic performance is likely to have more of a bearing on future property market performance.

“While employment growth has remained relatively robust, household budgets are coming under pressure as wage growth is failing to keep up with the rising cost of living,” he explained. “This suggests that housing market activity is likely to remain subdued, with the balance in the market shifting a little further towards buyers in the quarters ahead.”

Property prices in the UK are expected to rise by around 2 per cent over 2017 as a whole. This is lower than the 3-6 per cent price growth range which has been prevalent for much of the past two years.

About Halo Financial

Halo Financial is a leading UK foreign exchange brokerage, offering a comprehensive range of services to individuals and businesses since its inception in 2005. The business prides itself on offering a flexible and personalised approach for each of its clients, simplifying the seemingly complex foreign exchange market to maximise savings in currency transactions, protect against currency risk and make money go further.

Staffed by qualified technical analysts, the company is authorised by the Financial Conduct Authority and HM Revenue and Customs.

“Excellent”, “Reliable”, “Professional”, “Knowledgeable”, and “Helpful”– just some of the great feedback received as a Gold Trusted Service Provider for Feefo.com. The team at Halo are proud that customers rate their services so highly and are happy to recommend to others. The company is always striving to provide the best possible service and to innovate services and products in line with customers’ ever-evolving needs.

Halo Financial won Best Customer Focus category in the 2016 Best Business Awards; received OPP Gold for Best Supporting Service; the Gold Award for Financial Support and Innovation from Relocate Magazine, Commendations in the 2016 and 2017 Moneyfacts Awards and has 5 out 5 Star Customer Gold Merchant Status via independent review website, Feefo.com, winning their Gold Trusted Service award.

Back to the Top