UK house prices edge up slightly but market stays subdued

UK house prices edged up slightly in August, but the housing market remains subdued amid ongoing economic uncertainty, according to data from Nationwide Building Society. The average property value rose by 0.2% month-on-month to £275,465, reversing a 0.1% dip in July. On an annual basis, prices grew by 1.6%, a slight improvement on July's 1.4% increase. The modest monthly gain occurred against a backdrop of broader market weakness. Bank of England figures released on Tuesday showed mortgage approvals for house purchases fell to 56,053 in July, the lowest level since January 2024 and down from 58,215 in June. This decline underscores the challenging conditions facing buyers.