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UK house price growth slows in August, says Nationwide UK house price growth slows amid property tax calls
(about 1 hour later)
UK house price growth slowed in August, bringing it back down to around its slowest pace in a year, according to a leading housing index. House price growth has slowed as calls grow for a reform of property taxes in the Autumn budget.
The average price of a British home grew by 2.1% in the year to the end of last month, a slowdown from the 2.4% annual growth recorded in July, according data from lender Nationwide. The average price of a home in the UK grew by 2.1% in the year to the end of August, a slowdown from the 2.4% annual growth recorded in July, according to data from lender Nationwide.
August's rate of growth is the same as Nationwide recorded in June this year. The last time house price growth was this slow was in July 2024. The sluggish growth comes amid reports that the government is considering an overhaul of stamp duty, capital gains tax on homes, and council taxes in a bid to raise more money and boost the housing market.
It comes amid reports that the government is considering an overhaul of property taxes in a bid to raise money and boost the housing market in the autumn Budget.
Robert Gardner, chief economist at Nationwide Building Society, told the BBC the UK needs a tax system which "allows people to move more effectively".Robert Gardner, chief economist at Nationwide Building Society, told the BBC the UK needs a tax system which "allows people to move more effectively".
"It's definitely worth looking at UK property taxes," he added."It's definitely worth looking at UK property taxes," he added.
The average UK home now costs £271,079, according to the lender's data, which is based on its own mortgage activity. The introduction of a National Insurance levy for landlords, removal of the capital gains tax relief on selling pricier homes, the abolition of stamp duty, and replacement of council tax with a national property tax are some of the options reportedly being discussed.
Experts' views on the changes are mixed, with some arguing that replacing stamp duty in particular could speed up the housing market but cost billions in lost tax revenue.
The average UK home now costs £271,079, according to Nationwide's data, which is based on its own mortgage activity.
August's annual rate of growth is the same as Nationwide recorded in June this year. The previous time house price growth was this slow was in July 2024.
Despite the drop in the pace of growth, Mr Gardner said housing remains unaffordable for many buyers.Despite the drop in the pace of growth, Mr Gardner said housing remains unaffordable for many buyers.
"House prices are still high compared to household incomes, making raising a deposit challenging for prospective buyers, especially given the intense cost of living pressures in recent years," he said."House prices are still high compared to household incomes, making raising a deposit challenging for prospective buyers, especially given the intense cost of living pressures in recent years," he said.
The news comes as the government considers ways to shake up how housing is taxed in the UK, according to reports.
The introduction of National Insurance tax for landlords, removing the capital gains tax relief on selling pricier homes, abolishing stamp duty, and replacing council tax with a national property tax are some of the options reportedly being discussed.
Experts' views on the changes are mixed, with some arguing the abolition of stamp duty in particular could speed up the housing market but cost billions in lost tax revenue.