House price growth remained subdued in the UK in June, with buyer enquiries and consumer confidence muted in a trend which is expected to continue in the coming months, data from a report showed on Tuesday.
The Nationwide House Price Index posted a reading of 428.2 in June compared to 427.6 in May. The index, which is based on data from Nationwide’s house purchase mortgage lending at the post-survey approvals stage, showed that annual house price growth was 0.5% last month, compared to 0.6% in May.
The average price of a home in the UK was 216,515 pounds ($273,067) compared to 214,946 pounds a month earlier. In the second quarter — the three months to June — the average UK house cost 215,910 pounds.
On a quarterly basis, the data showed that the range of growth rates varied over geography. Northern Ireland saw annual price growth of 5.2% in the second quarter, the fastest rate, Wales saw a pick-up of 4.2% and Scotland saw growth of 0.4%. Prices in England were ‘essentially flat’ when compared to a year earlier, according to the report.
Within England, price growth was highest in Yorkshire & Humberside, a region located in the north of the country, growing by 3%. In London, by contrast, prices contracted on average by 0.7% however the average cost of a home in London remains higher than elsewhere in England, at 465,722 pounds.