Nationwide’s latest report

Figures from Nationwide showed house prices were largely unchanged in June following a bumper performance in May.

According to Nationwide’s house price index, house prices were flat in June, dipping just £21 from May’s high to £375,110. Prices sparked 0.8% in May.

Year-on-year, prices rose 0.6% in June, unchanged on May’s 0.6% annual increase.

The number of sales agreed was 6% higher year-on-year, while demand remained stable, up 5%.

May is traditionally a strong period for housing prices, with June weaker in comparison.

In a recent Rightmove poll of 14,000 people, a comfortable majority said the general election on 4 July would not affect plans to move house.

But in the two weeks since Rishi Sunak’s surprise announcement, the number of top-end sellers coming to market was 3% lower than a year ago, Rightmove noted, versus being up 11% in the previous fortnight.

Tim Bannister, director of property science at Rightmove, said: “It’s always difficult to predict how home-movers will react to sudden uncertainty, but…[in] previously election campaigns, market activity has remained largely steady.

“This election has followed a similar pattern so far.

“However, some potential sellers appear to be watching and waiting rather than taking action, evidence by the dip in the number of new sellers coming to market, particularly at the top end.”

UK house prices tread water on-month in June, following a “familiar seasonal pattern”, but registered annual growth, numbers from Rightmove showed. The property portal said the average UK house asking price was largely flat on-month at GBP375,110 in June, compared to May’s record high of GBP375,131. On-year, house prices grew 0.6% in June, the same pace of growth in May. Rightmove noted lofty mortgage rates are hurting affordability. The average five-year fixed mortgage rate is now at 5.04%, compared with 4.94% in January, it noted. Would-be movers have the Bank of England’s interest rate outlook, as well as the upcoming general election and any housing market promises to be mindful of. The BoE’s next decision is on Thursday, 20 June.

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