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

Nationwide Reports Slower House Price Growth in July

UK house price growth slowed in July, according to new figures from Nationwide Building Society. The average price of a home in Britain now stands at £277,542, representing a 1.8% increase compared to a year ago, but annual growth has slowed from 2.2% in June.

Nationwide attributed the slowdown to an uncertain economic outlook, with high mortgage rates and concerns about future tax changes influencing market activity. The report notes that both market activity and house prices have remained soft in recent months.

Industry commentators highlighted that sellers are adjusting asking prices and that there are currently more sellers than buyers. Some estate agents observed that prices remain flat, with sensible offers being accepted, and that sellers are not panicking but are instead meeting the market level after initial overpricing.

Mortgage brokers noted that flat monthly house prices indicate buyers are negotiating and not willing to pay over the odds. The Bank of England has kept the base rate at 3.75% this year, which some believe is helping to steady the market after recent volatility. However, the high cost of living continues to affect affordability, and many borrowers are securing mortgage rates in advance for peace of mind.

Other industry voices pointed to higher mortgage costs and uncertainty around property taxation as factors keeping demand in check. The Bank of England's decision to hold interest rates for the fifth consecutive meeting was seen as having a calming effect on the market, despite mortgage rates edging upwards.

For letting agents and inventory clerks, the current market conditions suggest continued caution among buyers and sellers, with pricing adjustments and negotiation remaining key features of the UK property landscape.