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Financial News: UK House Price Growth Slows In August

UK House Price Growth Slows In August

08/29/2017 - 04:58:00 (RTTNews)

(RTTNews) - UK house prices increased at a slower pace in August, data published by Nationwide Building Society showed Tuesday.

House prices increased 2.1 percent year-on-year in August, slower than the 2.9 percent growth seen in July. This was also weaker than the expected growth of 2.5 percent.

The slowdown in house price growth to the 2-3 percent range in recent months from the 4-5 percent prevailing in 2016 is consistent with signs of cooling in the housing market and the wider economy, Robert Gardner, Nationwide's chief economist, said.

Month-on-month, house prices fell 0.1 percent in August, reversing a 0.2 percent rise in July. Prices were forecast to remain flat in August.

Stamp duty revenues reached an all-time highs in recent quarters, Nationwide economist said.

This may appear surprising, given that the number of residential property transactions in the year to June 2017 was 30 percent below that recorded in the same period of 2007, Gardner said.

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