UK house prices set another record high in June, according to figures from mortgage lender Nationwide on Thursday (30/6/22), although growth slowed amid tentative signs of a slowdown in the housing market.
On an annual basis, the Nationwide house price index rose by 10.7% in June, slowing from the 11.2% climb in May. The print also was just shy of the market forecast of 10.8%.
House prices grew 0.3% monthly in June, easing from 0.9% growth in May and missed the 0.5% consensus estimate.
The average price for a UK home climbed to a new record high at GBP271,613 in June, up from GBP269,914 in May, Nationwide said
There are tentative signs of a slowdown.
“There are tentative signs of a slowdown, with the number of mortgages approved for house purchases falling back towards pre-pandemic levels in April and surveyors reporting some softening in new buyer enquiries. Nevertheless, the housing market has retained a surprising amount of momentum given the mounting pressure on household budgets from high inflation, which has already driven consumer confidence to a record low,” said Nationwide economist Robert Gardner.