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Bank of England braced for knife-edge interest rate decision
Nationwide’s house price report also shows the general election had little impact on prices or activity, says Jeremy Leaf, north London estate agent.
Leaf adds:
Today’s knife-edge decision on interest rates is much more relevant to buyers and sellers in terms of confidence to move and direction of travel for future mortgage pricing.
“Nationwide has proved a reliable long-standing indicator of house-price movements, demonstrating market resilience once again, which indicates further inherent strength over the next few months at least.”
“UK house prices rose 0.3% in July, according to the latest Nationwide House Price Index, a slightly faster pace of growth compared to June’s 0.2% increase as consumer confidence returned to the housing market despite lingering affordability pressures for buyers.
Annual house price growth came in even stronger, accelerating by 2.1% in July compared to June’s 1.5% uplift – the fastest pace of growth since December 2022 – with the possibility of a rate cut today set to catalyse the market even further.