Property prices increase in July 2017
- Published: Wednesday 02 August, 2017
- Category: Housing market
- By: Andrew Pelis
- Updated: Friday 04 August, 2017
Property price growth maintained its consistency in July, the latest data from Nationwide indicates.
Last month saw property prices in the UK enjoy a 0.3% month-on-month rise as experts hinted that this trend is likely to continue in the short-term, whilst factors like the current supply and demand situation remain relatively unchanged.
July’s increase reflects an overall rise of 2.9% over the past 12 months, very slightly down on June’s figure of 3.1%, but close enough to the annual house price growth range of 3% to 6%, which has prevailed over the past couple of years.
Robert Gardner, Nationwide’s chief economist, suggested that the figures reflect broad stability within the UK housing market and believes the current growth levels are set to continue.
“A lack of homes on the market appears to be providing support. Survey data points to relatively sluggish levels of new buyer enquiries, but at the same time surveyors report that relatively few properties are coming onto the market and at a time when the number of homes on estate agents’ books is already close to 30 year lows,” he stated.
“Nevertheless, constrained supply is likely to continue to provide support for house prices and, as a result, we continue to expect prices to rise by around 2% over 2017 as a whole, only modestly lower than the levels recorded in recent months,” he added.
Jorden Abbs, head of operations at Commercial Trust commented:
“With the current situation of demand out-stripping supply, it is not surprising to see property prices continuing to increase.
“With little evidence to suggest the present picture will radically change in the near future, rising house prices, along with increasing rents, continue to make the property market an attractive investment opportunity.”
This information should not be interpreted as financial advice. Mortgage and loan rates are subject to change.