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House prices flat in July, says Nationwide

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House prices were flat in July, according to Nationwide.

The lender said house prices rose 0.3 per cent month-on-month and 2.9 per cent year-on-year according to seasonally-adjusted figures.

The average property is now worth £211,671, Nationwide says.

Nationwide chief economist Robert Gardner says: “On the surface, this appears at odds with recent signs of cooling in the housing market. 

“The number of housing transactions dipped to their lowest level for eight months in June, while in the same month the number of mortgages approved for house purchase moderated to a nine-month low of c.65,000. 

“But a lack of homes on the market appears to be providing support, with annual house price growth remaining only just outside the 3-6 per cent range, that has been prevailing for most of the past two years. 

“This pattern looks set to be maintained in the near term.”

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