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UK annual house price growth lowest since June 2013 | UK annual house price growth lowest since June 2013 |
(35 minutes later) | |
UK house prices rose by 3.2% year-on-year in August, according to the latest survey from mortgage provider Nationwide. | UK house prices rose by 3.2% year-on-year in August, according to the latest survey from mortgage provider Nationwide. |
That is the weakest annual pace since June 2013, and marks a slight slowdown from July. | |
Month on month, prices rose by 0.3% in August, compared with 0.4% the month before. | Month on month, prices rose by 0.3% in August, compared with 0.4% the month before. |
The average house value in August was £195,279, according to the Nationwide house price index. | The average house value in August was £195,279, according to the Nationwide house price index. |
One reason why house price inflation has apparently weakened is a rapid growth in prices at this time last year, the Nationwide said. | |
'Range of factors' | 'Range of factors' |
"This month's data provides further evidence that annual house price growth may be stabilising close to the pace of earnings growth, which has historically been around 4%," said Robert Gardner, Nationwide's chief economist. | "This month's data provides further evidence that annual house price growth may be stabilising close to the pace of earnings growth, which has historically been around 4%," said Robert Gardner, Nationwide's chief economist. |
"Clearly house price trends are determined by a wide range of factors, but labour market developments are amongst the most important," he added. | "Clearly house price trends are determined by a wide range of factors, but labour market developments are amongst the most important," he added. |
With demand for homes rising, new home construction needs to increase to keep houses affordable, he said. | With demand for homes rising, new home construction needs to increase to keep houses affordable, he said. |
The figures from the Nationwide are in marked contrast to those from its rival, Halifax. | |
Earlier this month the Halifax reported that house prices across the UK were rising at 7.9% a year, and it expected strong growth to continue. | |
Halifax and Nationwide use different "mix adjustments" in their methodology. | |
This involves a different emphasis on property sizes, to account for the fact that more small or large properties may be sold in any one month. |
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