Annual house price growth picked up in August to the fastest rate since December 2022, according to an index.
Across the UK, property values increased by 2.4 percent annually, Nationwide Building Society said. This took the typical house price to £265,375.
Robert Gardner, Nationwide’s chief economist, said: “UK house prices fell by 0.2 percent month-on-month in August, after taking account of seasonal effects, but the annual rate of house price growth continued to edge higher.
“Average prices were up 2.4 percent year-on-year, a slight pick-up from the 2.1 percent recorded in July and the fastest pace since December 2022 (2.8 percent).
“However, prices are still around three percent below the all-time highs recorded in the summer of 2022.”
Mr Gardner noted that, while house price growth and activity remain subdued by historic standards, they nevertheless present a “picture of resilience” in the context of the higher interest rate environment and where house prices remain high relative to average earnings.
He added: “Providing the economy continues to recover steadily, as we expect, housing market activity is likely to strengthen gradually as affordability constraints ease through a combination of modestly lower interest rates and earnings outpacing house price growth.”
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