UK House Prices Edge Higher in July, Nationwide Says

Skip to Content News Archives Economy Energy Oil & Gas Renewables Electric Vehicles Mining Commodities Agriculture Real Estate Mortgages Mortgage Rates Finance Banking Insurance Fintech Cryptocurrency Work Wealth Smart Money Wealth Management Investor Personal Finance Family Finance Retirement Taxes High Net Worth FP Comment Executive Women Puzzmo Newsletters Financial Times Business Essentials More Innovation Information Technology FP500 Podcasts Small Business Lives Told Tails Told Shopping Financial Post Store Obituaries Place a Notice Advertising Advertising With Us Advertising Solutions Postmedia Ad Manager Sponsorship Requests Classifieds Place a Classifieds ad Working Profile Settings My Subscriptions Saved Articles My Offers Newsletters Customer Service FAQ News Economy Energy Mining Real Estate Finance Work Wealth Investor FP Comment Executive Women Puzzmo Newsletters Financial Times Business Essentials This advertisement has not loaded yet, but your article continues below.HomePMN BusinessUK House Prices Edge Higher in July, Nationwide SaysUK house prices returned to growth in July, one of the country’s largest mortgage lenders said, as buyers weather higher borrowing costs linked to the Iran war better than expected.Author of the article: You can save this article by registering for free here. Or sign-in if you have an account.2]5r]bc{kb}snv6z5)ku9ya5_media_dl_1.png Nationwide Building Society(Bloomberg) — UK house prices returned to growth in July, one of the country’s largest mortgage lenders said, as buyers weather higher borrowing costs linked to the Iran war better than expected.THIS CONTENT IS RESERVED FOR SUBSCRIBERS ONLYSubscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman, and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.SUBSCRIBE TO UNLOCK MORE ARTICLESSubscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.REGISTER / SIGN IN TO UNLOCK MORE ARTICLESCreate an account or sign in to continue with your reading experience.Access articles from across Canada with one account.Share your thoughts and join the conversation in the comments.Enjoy additional articles per month.Get email updates from your favourite authors.THIS ARTICLE IS FREE TO READ REGISTER TO UNLOCK.Create an account or sign in to continue with your reading experience.Access articles from across Canada with one accountShare your thoughts and join the conversation in the commentsEnjoy additional articles per monthGet email updates from your favourite authorsSign In or Create an AccountThe average price of a home rose 0.1% to £277,542 ($373,360), according to Nationwide Building Society. It was the first gain three months and in line with the median expectation of economists.The housing market has held up relatively well in the face of a global energy crisis and a change in prime minister at home. Mortgage approvals recovered in June, while households are drawing on savings to keep spending even as the Iran war pushes up living costs.Get the latest headlines, breaking news and columns.By signing up you consent to receive the above newsletter from Postmedia Network Inc.A welcome email is on its way. If you don't see it, please check your junk folder.The next issue of Top Stories will soon be in your inbox.We encountered an issue signing you up. Please try again“Steady house prices reflect a housing market that continues to find balance despite ongoing economic and political change,” said Nathan Emerson, CEO at Propertymark.The outlook remains fragile, however. Mortgage rates remain well-above their pre-Iran levels, with the prospect of a rapid recovery in energy supplies looking increasingly remote after the breakdown of a truce between the US and Iran.Bank of England officials kept interest rates on hold on Thursday but warned they may need to rise if Middle East conflict persists.Property agents also report that uncertainty over new Prime Minister Andy Burnham’s economic plans is starting to weigh on demand. The Royal Institution of Chartered Surveyors said more agents saw declining buyer inquiries and falling house prices, and expect values and sales to remain under pressure in the near term.In the early days of the Middle East conflict, buyers rushed to lock in mortgage deals before borrowing costs climbed further. That boost has now faded, with average two-year fixed-rate mortgages still around 0.8 percentage point higher than before the war at 5.62%, according to Moneyfacts.“Market activity and house prices have remained soft in recent months, in part reflecting the uncertain economic backdrop,” said Robert Gardner, Nationwide’s chief economist. “Geopolitical tensions remain high, with the conflict between Iran and the US again exerting upward pressure on energy prices and market interest rates in recent weeks.”(Updates with detail throughout, chart)This advertisement has not loaded yet.Notice for the Postmedia NetworkThis website uses cookies to personalize your content (including ads), and allows us to analyze our traffic. Read more about cookies here. By continuing to use our site, you agree to our Terms of Use and Privacy Policy.