UK House Prices Rise for Third Month

UK house prices rose for the third consecutive month in July, increasing by 0.3% month-on-month and 2.1% year-on-year, according to Nationwide Building Society. This growth marks the highest annual increase since December 2022, driven by rising wages that have boosted buyer confidence despite ongoing affordability issues and high mortgage rates. Nationwide's Chief Economist, Robert Gardner, noted that while housing market activity remains steady, it is still below pre-pandemic levels. The Bank of England is expected to lower interest rates from a 16-year high, which could further ease mortgage costs. In Australia, Canberra experienced a modest home price growth of 0.12% in July, with national prices up by 0.08%, indicating a trend of recovery in the housing market across different regions. The overall outlook suggests cautious optimism as factors such as wage growth and potential interest rate cuts may rejuvenate housing markets.