The latest data from Nationwide has shown that UK annual house price growth was at 2%. With the capital as the lowest performing region in Q2, with prices down 1.9% year-on-year.
- Most regions saw a slowing in the annual rate of house price growth in the second quarter.
- Scotland, price growth accelerated to 3.1%.
- Northern Ireland 2.1%,
- Wales had a price growth of 4%
- The East Midlands with prices up 4.4% year-on-year
- West Midlands at 4.3%.
Robert Gardner, Nationwide’s Chief Economist, commented on the figures: “Annual house price growth fell to its slowest pace for five years in June. However, at 2% this was only modestly below the 2.4% recorded the previous month.
Indeed, annual house price growth has been confined to a fairly narrow range of c2-3% over the past 12 months, suggesting little change in the balance between demand and supply in the market over that period. There are few signs of an imminent change. Surveyors continue to report subdued levels of new buyer enquiries, while the supply of properties on the market remains more of a trickle than a torrent.