Prices up 2.4% yr/yr (Il Sole 24 Ore Radiocor) - London , 30 Aug - In August house prices in the UK fell seasonally adjusted 0.2% compared to July, when they rose by 0.3%, according to data released by the building society Nationwide.

Compared to the year earlier, house prices rose by an unadjusted 2.4%, accelerating from the 2.1% increase seen in the previous month and posting the highest pace of growth since December 2022.

Prices are still around 3.0% below the all-time highs recorded in the summer of 2022.

'While house price growth and activity remain subdued by historic standards, they nevertheless present a picture of resilience in the context of the higher interest rate environment and where house prices remain high relative to average earnings (which makes raising a deposit more challenging)," commented Robert Gardner, Nationwide's chief economist.

'Providing the economy continues to recover steadily, as we expect, housing market activity is likely to strengthen gradually as affordability constraints ease through a combination of modestly lower interest rates and earnings outpacing house price growth.".

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(RADIOCOR) 30-08-24 08:19:08 (0141) 5 NNNN