Year-on-year house price growth in the UK accelerated to 11% in July, up slightly from 10.7% in June, according to new figures.
Home prices rose 0.1% month-on-month – the 12th consecutive monthly increase – according to the National Association of Builders.
The median house price in July was £271,209.
Robert Gardner, Nationwide’s chief economist, said the housing market has been surprisingly buoyant so far, as budget strains on households and consumer confidence drop to low levels. record low.
“We continue to expect the market to slow as pressure on household budgets increases in the coming quarters, with inflation likely to hit double digits later this year,” he added.
Marc von Grundherr, director of London estate agents, Benham and Reeves, said: “You might think it’s time to party with mortgage affordability and stamp duty relief during a pandemic. , the appetite of homebuyers across the country will dwindle.
“This is clearly not true, and even a string of consecutive rate hikes has yet to dent their taste buds as they continue to pile up high – pushing home prices to record highs in the process.
“With the brick and mortar elective offered still unregulated in relation to home availability, we can expect property prices to remain high even in the midst of an economic backdrop. uncertain.”
James Forrester, CEO of Barrows and Forrester, added: “Market dynamics remain unwavering, after experiencing a period of prolonged Brexit uncertainty, a global pandemic, rising inflation and a prime ministerial the most incompetent in living memory.
“All things considered, there doesn’t seem to be anything short-lived about an apocalypse that could cause the property market to crash.”
But HBB Solutions chief executive Chris Hodgkinson said: “While home prices remain sky-high, home sellers should fasten their seat belts as we are likely to witness a period of turmoil. disorder increases before the year expires.
“Buyer demand has begun to wane, and as the well dries up, home sellers will have to adjust their asking price expectations to secure a sale, as a perfect storm increases mortgage costs, Record inflation and rising costs are all putting pressure on the UK property market.”
