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UK house prices picked up in July, numbers from mortgage lender Nationwide showed Thursday, but remain around 3% off record highs.
House prices rose 0.3% in July from June, Nationwide said, beating the FXStreet-cited market consensus of a 0.1% rise.
Growth picked up from 0.2% registered in June from May.
Year-on-year, house prices rose 2.1% in July, beating consensus of 1.8%, and picking up speed from 1.5% in June.
The annual rise was the sharpest since December 2022, Nationwide analyst Robert Gardner said.
‘However, prices are still around 2.8% below the all-time highs recorded in the summer of 2022,’ Gardner added. ‘Housing market activity has been holding relatively steady in recent months with the number of mortgages approved for house purchase at around 60,000 per month. While this is still [around] 10% below the level prevailing before the pandemic struck, it is still a respectable pace given the higher interest rate environment.’
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