Nationwide has revealed an annual house price growth 0.5%

Other Key Findings

• Northern Ireland remained was the highest performing home nation in Q2, with annual price growth rising to 5.2%.
• Wales also saw a pick up to 4.2%, from 0.9% in Q1
• Scotland was 0.4% year-on-year
• Across the UK outer Metropolitan had a price decline of 1.8%
• Outer South East saw a decline of 1.6%
• In London prices fell for the eighth quarter in a row, though the annual pace of decline moderated to 0.7%, from 3.8% last quarter
• To note prices in London were only around 5% to the all time high recorded in 2017 and 50% above their 2007 levels (by comparison, UK prices were only around 17% higher.

Robert Gardner, Commenting on the figures, Nationwide’s Chief Economist, said: “Survey data suggests that new buyer enquiries and consumer confidence have remained subdued in recent months. Nevertheless, indicators of housing market activity, such as the number of mortgages approved for house purchase, have remained broadly stable.

Housing market trends are likely to continue to mirror developments in the broader economy. While healthy labour market conditions and low borrowing costs will provide underlying support, uncertainty is likely to continue to act as a drag on sentiment and activity, with price growth and transaction levels remaining close to current levels over the coming months.”