(ShareCast News) - House price growth in Britain cooled in August, according to the results of one of the most widely followed surveys, but the respite might only be temporary.
The price of a home increased at a 0.3% month-on-month pace in August, bringing the year-on-year pace of inflation down to a 3.2% clip versus the 3.5% seen in July, according to the latest monthly tally from mortgage lender Nationwide.
Economists had been expecting a rise of 0.4% month-on-month and 3.1% year-on-year.
The average price of a home in the UK slipped to a non-seasonally adjusted value of 195,279 pounds in August, down from 195,621 pounds in July.
The drop in the year-on-year rate of change in home prices might be proof that house price inflation was stabilising close to the historical 4% rate of growth in earings, Nationwide chief economist Robert Gardner said.
However, surveyors reported the lowest ever number of properties on their books since the late 1970s even as new buyer inquiries picked up. So, if construction activity did not accelerate the above trend might not be sustained, Gardner added.
Compared to a revised reading of 44.80 K in the previous month BBA mortgage approvals registered a rise to 46.03 K in July, in the UK. Market anticipation was for BBA mortgage approvals to rise to 46.00 K.
Lord Stuart Rose backs student property firm: Former Marks & Spencer Chairman Lord Stuart Rose has emerged as a surprise backer of Select Property Group, a developer and Manager of student housing across the U.K.
Landlords sell rental homes after 17 years: Landlords are holding on to properties for longer than they were before the last recession, with the average time between a landlord buying and selling a property rising by five years since 2007, according to lettings giant Countrywide.
Pace of rent rises quickens as average U.K. rent reaches £937 a month: Average rents in the U.K. reached £937 per month in July as the pace of increases took a significant step up amid a shortage in the supply of housing
Building Bosses at Persimmon to net £600 million: Executives at Britain’s largest housebuilder are closing in on the first tranche of a potential £600 million-plus payout, which would rank as one of the most generous bonus schemes the City has ever seen.
Cost of buying compared to renting narrows amid house price rises: First-time buyers save £670 a year paying for their home compared with the cost of renting but the gap is narrowing, according to research.
Datafeed and UK data supplied by NBTrader and Digital Look.
While London South East do their best to maintain the high quality of the information displayed on this site,
we cannot be held responsible for any loss due to incorrect information found here. All information is provided free of charge, 'as-is', and you use it at your own risk.
The contents of all 'Chat' messages should not be construed as advice and represent the opinions of the authors, not those of London South East Limited, or its affiliates.
London South East does not authorise or approve this content, and reserves the right to remove items at its discretion.