UK house prices stay sluggish as Brexit drags on market: Nationwide

British house prices remained stuck in low gear in July and uncertainty about Br...

LONDON - British house prices remained stuck in low gear in July and uncertainty about Brexit and its impact on the economy are likely to carry on dragging on the market, mortgage lender Nationwide said on Wednesday.

House prices increased by 0.3% compared with a year earlier after rising by 0.5% in June, a level of growth that has only been weaker once since early 2013. A Reuters poll of economists had pointed to a 0.1% rise in July. Nationwide chief economist Robert Gardner said uncertainty was weighing on the housing market which has slowed since the 2016 decision by voters to leave the European Union.

“In the near term, healthy labor market conditions and low borrowing costs will provide underlying support, though uncertainty is likely to continue to exert a drag on sentiment and activity,” Gardner said in a statement.

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

Reuters /  🏆 2. in US

United States Latest News, United States Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

UK insurance body calls for 'equivalence' in access to EU reinsurance post-BrexitBritain should seek 'equivalence' based market access to the European ...
Read more »

UK plays Brexit hardball with 'stubborn' EU, pound falls to a two-year lowSterling hit a two-year low on Monday as Prime Minister Boris Johnson's gov...
Read more »

UK plays Brexit hardball with 'stubborn' EU, pound tumbles to a 28-month lowSterling slid to a 28-month low on Monday as Prime Minister Boris Johnson's...
Read more »

UK plays Brexit hardball with EU from submarine base, pound tumblesSterling tumbled to a 28-month low on Monday as Prime Minister Boris Johnson sai...
Read more »

UK plays Brexit hardball from a submarine base, pound tumblesSterling tumbled to a 28-month low on Monday as Prime Minister Boris Johnson sai...
Read more »

UK plays Brexit hardball with EU from submarine base, pound tumblesSterling tumbled to a 28-month low on Monday as Prime Minister Boris Johnson sai...
Read more »