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UK House Prices at their highest this August, Fastest Pace in 3 Months

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The price of British houses rose this august and this is the fastest rate in three months according to Nationwide, a mortgage lender.

This adds to the tell-tale signs that the British housing market has picked itself up after a slowdown causes by Brexit.

The rprices went up 0.6 percent year-on-year this August after a slow 0.3 percent pace in July, Nationwide mortgage lender said. The British real estate sector has experienced a dip in prices post-Brevity referendum, particularly in London and the surrounding areas, however, nationally; the real estate sector seems to have healed, according to the most recent survey.

With the British economy struggling, the outlook is somewhat uncertain, housing prices are expect to continue being soft even after this latest pick-up in real estate activity. This latest activity may prove short-lived.

The British people should expect about 1 percent growth in 2019 in general based on Nationwide’s projections. Last Tuesday, UK finance stated that banks in Britain approved the most mortgages in July since 2017. The Bank of England will release official industry figures before the end of this week.

It is not very clear what the next few months hold for the British Real Estate, particularly now that British MPs are looking to lay this Brexit issue to rest. The Brits will just have to wait and see.

Source Link: https://uk.reuters.com/article/uk-britain-economy-houseprices/uk-house-prices-rise-in-august-at-fastest-pace-in-three-months-nationwide-idUKKCN1VK0I5

About the author

Catherine Wambui

Catherine Wambui

Catherine Nyaga is a freelance writer covering Real Estate and Technology. Her other interests include Nature, pets and accounting. She recently graduate from Nairobi University with a degree in Accounting.

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