Nationwide has released its latest numbers for July in their monthly house price index showing a 0.3% increase since June and a 2.9% jump year on year.
This confirms that the market is gaining stability, with only a slight drop from last month’s figures.
The average house price currently sits at £211,671, a minor climb from £211,301 in June and from £205,715 in July 2016. Over the last year, the average property price has gone up and down in the same price range but finally saw an increase by a few thousand pounds in the month of June.
Despite July’s minor increase, the jump shows that the market is remaining healthy when it comes to price growth.
In a ten year period, prices have also experienced a rollercoaster effect due to the market crash in 2008 that took a few years to recover. However, price growth has been on the rise 2013 and seem to gain momentum year on year.
The percentage increase appears to be once again be on the rise to achieve similar growth experienced in 2016, which is a good sign for homeowners.
UK homeowners will have their fingers crossed that this turn around in price growth will be more consistent than the British summertime.
At a glance, it looks as if the dark clouds of buyer and seller uncertainty are finally starting to lift from the UK housing market, with welcome signs of positive property price growth beginning to shine through.
The summer months can generally be a slower time of year with many taking a break from their sale to go away, so it is promising that the market has bounced back despite the slump in transactions and mortgage approvals witnessed in June.
Although buyer demand may take some time to return to normal levels, a sustained shortage of stock should continue to stimulate an upward price trend.Russell Quirk