The latest house price data has been released by Nationwide for the month of August, showing a stall at 2.1% annually from 2.9% for the month of July.
House price growth suffered a -0.1% drop month-on-month, down from 0.2% July.
August saw the UK’s average house price fall to £210,495 from £211,671, but is up almost £5,000 from August 2016 and is expected to increase in the Autumn months as the summer holiday period comes to an end and schools open their doors.
Although price growth has jumped consistently in past years, August suffered the lowest annual percentage increase (along with May 2017) at 2.1%.
This month’s numbers have a higher average price than the months before showing positive signs of upwards growth ahead as there were likely factors influencing this past month’s data.
The Index’s figures also show that Stamp Duty revenues have reached all time highs – the year leading up to Q2 in 2017 reached £12.8b, a large jump from the former leader: £10.6b in 2007.
Inevitable that after showing initial signs of positive post-Brexit price growth, the market would once again slow in August as many turn their minds from home selling to holidays. But with school starting again this week and life returning to some degree of normality for most, it’s a certainty that this slow in growth will reverse over the coming month and start to climb in the lead up to Christmas, which is one of the busiest periods in the UK home selling calendar.Russell Quirk