House prices up 0.2% in July

House prices increased by 0.2 per cent in July, according to the latest house price index from Nationwide.

The average house price is now £168,731, 0.4 per cent down on a year ago.

Nationwide chief economist Robert Gardner says: “Stability has been the watchword for the UK housing market over the past 12 months. Sluggish demand for homes, combined with only a gradual rise in the supply of available properties, has helped to keep property prices relatively stable.

“This pattern was maintained in July, with UK house prices rising by a modest 0.2 per cent during the month, leaving prices 0.4 per cent below the level prevailing in the same month of 2010. At 0.3 per cent, the three month on three month measure of house prices was little changed from the 0.4 per cent rate of increase recorded in June.”