Building societies report increase in house prices in July
Your support helps us to tell the story
From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.
At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.
The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.
Your support makes all the difference.HOUSE prices rose in July, according to Britain's two biggest building societies. Nationwide reported a big increase in July, more than reversing a fall in June, while Halifax said there was a slowdown last month, writes Diane Coyle.
The Halifax index rose 0.2 per cent in July, only half of June's modest 0.4 per cent gain. Its year- on-year growth was 1 per cent, below June's 1.5 per cent.
Meanwhile, Nationwide's index rose 1.8 per cent in July, after a 0.7 per cent fall in June. The annual rate of change more than doubled, from 1.0 per cent in June to 2.1 per cent in July.
The difference in the two closely watched sets of figures may be a result of Halifax making adjustments for seasonal peaks in house-buying. Early summer traditionally sees more house-buying.
The two indices have shown a gentle rise since last autumn. Both societies agree that average house prices, before adjustment for seasonal variation, have climbed 3- 4 per cent in 1994. Nationwide said the market was still fragile.
At the peak of the housing boom in early 1989, average prices were more than five times average earnings, according to Halifax. The ratio has fallen to 3.3.
Join our commenting forum
Join thought-provoking conversations, follow other Independent readers and see their replies
Comments