The prices of houses in the United Kingdom saw an annual growth of 1.5% in June, according to the Nationwide House Price Index released on Monday. The figure marks an increase from May when annual house price growth stood at 1.3%.
On a monthly basis, the index was up by 0.2% on a seasonally adjusted basis, while the average house price in the country in June stood at £266,604.
"Housing market activity has been broadly flat over the last year, with the total number of transactions down by around 15% compared with 2019 levels. Transactions involving a mortgage are down even more (nearly 25%), reflecting the impact of higher borrowing costs. By contrast, the volume of cash transactions is actually around 5% above pre-pandemic levels," Nationwide's chief economist, Robert Gardner, said.
