The UK housing market has shown signs of recovery as house prices rose from an average of £271,619 in June to £272,664 in July 2023. Annual house price rates increased from 2.1% to 2.4%, while the house price to earnings ratio decreased to its lowest level in over a decade. Nationwide's Chief Economist Robert Gardner reported that housing affordability is improving due to strong income growth, slower house price growth, and a modest decrease in mortgage rates. A total of 64,200 mortgages for house purchases were approved in June, aligning with pre-pandemic figures.
The average house price increased from 271,619 in June to 272,664 last month, the organisation said. Robert Gardner, Nationwide's Chief Economist, in the building society's report last week following the instability caused by the end of the stamp duty holiday activity appears to be holding up well.
Average UK house price according to Nationwide shows improvement in housing affordability due to strong income growth, subdued house price growth, and a modest decrease in mortgage rates.
Annual house price rates grew from 2.1 per cent to 2.4 per cent while the house price to earnings ratio fell to its lowest level in over a decade.
64,200 mortgages for house purchase were approved in June, broadly in line with the pre-pandemic average, despite the changed interest rate environment.
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