News | Published September 01 2019

House prices increase for the first time since May

August has seen the biggest increase in house prices since May, with the average UK home now costing more than £216,000.

Banks have approved more mortgages in the past month than since February 2017, which experts attribute to the worst of the pre-Brexit slump being over in the industry.

There has been an average increase to the price of a home by 0.6 per cent compared to the same time last year, according to the study performed by Nationwide in their house priced index.

Those within the industry note that the housing market is easily impacted by movements in the wider economy.

Chief economist to Nationwide, Robert Gardner stated “housing market trends will remain heavily dependent on developments in the broader economy”.

Gardner believes that the current health of our market conditions in conjunction with low borrowing costs will support this growth at present, but that uncertainty will compound growth.

EY Item Club chief economic advisor, Dr Howard Archer, believes that there will be an overall increase of one per cent for the whole of 2019.

He said: "with the economy struggling and the outlook currently highly uncertain, we suspect that house prices will remain soft despite the recent pick-up in housing market activity - which could well prove temporary".

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The Parliamentary Review

September 01 2019

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