Nationwide House Price Index for August

September 5, 2024

Annual house price growth edged higher in August

 

  • UK house prices fell 0.2% month on month in August
  • Annual growth rate picked up to 2.4%, from 2.1% in July
  • Fastest pace of annual growth since December 2022
  • Energy efficiency becoming more important in influencing what buyers will pay for a home

 

Headlines Aug-24 Jul-24
Monthly Index* 525.4 526.4
Monthly Change* -0.2% 0.3%
Annual Change 2.4% 2.1%
Average Price

(not seasonally adjusted)

 £265,375 £266,334

* Seasonally adjusted figure (note that monthly % changes are revised when seasonal adjustment factors are re-estimated)

Commenting on the figures, Robert Gardner, Nationwide’s Chief Economist, said:

“UK house prices fell by 0.2% month on month in August, after taking account of seasonal effects, but the annual rate of house price growth continued to edge higher. Average prices were up 2.4% year on year, a slight pickup from the 2.1% recorded in July and the fastest pace since December 2022 (2.8%). However, prices are still around 3% below the all-time highs recorded in the summer of 2022.

“While house price growth and activity remain subdued by historic standards, they nevertheless present a picture of resilience in the context of the higher interest rate environment and where house prices remain high relative to average earnings (which makes raising a deposit more challenging).

“Providing the economy continues to recover steadily, as we expect, housing market activity is likely to strengthen gradually as affordability constraints ease through a combination of modestly lower interest rates and earnings outpacing house price growth.”

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