House prices in the UK maintained their growth momentum with July registering an annual rise of 2.5 per cent, according to Nationwide House Price Index.
The average price of a house in the UK is estimated to be £217,010 in July, a 0.6 per cent rise over June 2018. Over the next five months, Nationwide expects house prices to rise by 1 per cent, as demand remains stable.
This is a positive development for investors, as the UK housing market has managed to withstand the impact of Brexit and the subsequent economic fallout. There were reports that house price growth would enter the negative territory. On the contrary, house prices are not only in the positive territory, but are registering modest gains over a period.
The annual house price growth remains within the fairly narrow range of 2 per cent to 3 per cent, which has prevailed over the past 12 months, suggesting little change in the balance between demand and supply in the market.
It is one of the most ideal times to buy a home in the UK, especially London, as the market is resilient. Over the next 2-3 years, investors will see appreciation in the value of their residential assets.
“There was a slight uptick in annual house price growth in July to 2.5%, from 2.0% in June,", says Robert Gardner, Nationwide's Chief Economist.