Nationwide: House prices up in June, but market remains subdued

Property prices crept up again in June, according to the Nationwide House Price Index, but affordability constraints continue to bite.

A view of London townhouses at sunrise, Crouch End
(Image credit: Karl Hendon via Getty Images)

The latest data from Nationwide revealed house prices are up 0.2% in June on a monthly basis, when adjusted for seasonal effects. Meanwhile, prices are up 1.5% year-on-year. The average house in the UK now costs £266,064.

Prices are now “around 3% below the all-time high recorded in the summer of 2022”, according to Nationwide’s chief economist Robert Gardner. This suggests the housing market is continuing to recover after taking a hit in the wake of Liz Truss’s mini-Budget in September 2022, when mortgage rates skyrocketed.

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Katie Williams
Staff Writer

Katie has a background in investment writing and is interested in everything to do with personal finance, politics, and investing. She enjoys translating complex topics into easy-to-understand stories to help people make the most of their money.

Katie believes investing shouldn’t be complicated, and that demystifying it can help normal people improve their lives.

Before joining the MoneyWeek team, Katie worked as an investment writer at Invesco, a global asset management firm. She joined the company as a graduate in 2019. While there, she wrote about the global economy, bond markets, alternative investments and UK equities.

Katie loves writing and studied English at the University of Cambridge. Outside of work, she enjoys going to the theatre, reading novels, travelling and trying new restaurants with friends.