Editor's note: This brief was summarised by The Property AI Newsroom from a report by Mortgage Solutions. Read the original article for full details.

Nationwide Reports 2.2% Annual UK House Price Growth in June

UK house prices rose by 2.2% year-on-year in June, according to the latest Nationwide house price index. The average UK house price reached £278,784, with all regions experiencing positive annual growth, while monthly price changes remained flat at 0%.

The Nationwide data highlights that Northern Ireland saw the largest annual increase, with prices up 8.6% to £226,699. The typical home in Northern Ireland is now approximately 80% of the average UK price, an increase from 70% in the first quarter of 2024. The mortgage payment on a first-time buyer property in Northern Ireland is equivalent to 31% of an average earner’s take-home pay, compared to the UK average of 33%.

Other regions also recorded growth. The North and North West of England both saw annual price rises of 3.9%, with average prices at £173,756 and £231,415 respectively. Across Northern England, average prices combined were up by 3.1% year-on-year. The outer South East region saw a modest growth of 0.1% year-on-year, while average house price growth across Southern England was 0.7% to £341,175. London recorded an annual price rise of 1.6% to £540,903. England as a whole saw an annual increase of 1.5% to £315,208, up from 0.9% in the previous quarter.

For letting agents and inventory clerks, these figures indicate continued regional variation in property values, which may impact rental yields, tenant demand, and property management strategies. The flat monthly price change suggests a stable market in the short term, with buyers negotiating in what is described as a buyer’s market.