2019.07.0202:20:00UTC+00UK House Price Growth Slows Marginally

UK house prices increased at a slightly slower pace in June, data from Nationwide Building Society showed Tuesday.

House prices rose 0.5 percent year-on-year in June, following a 0.6 percent increase in May. Nonetheless, this was faster than the expected 0.2 percent rise.

On a monthly basis, house prices edged up 0.1 percent, in contrast to a fall of 0.2 percent a month ago.

Housing market trends are likely to continue to mirror developments in the broader economy, Robert Gardner, Nationwide's chief economist, said.

"While healthy labor market conditions and low borrowing costs will provide underlying support, uncertainty is likely to continue to act as a drag on sentiment and activity, with price growth and transaction levels remaining close to current levels over the coming months," the economist added.

In the second quarter, house prices advanced 0.6 percent after gaining 0.4 percent in the first quarter.

Prices decreased in London for the eighth quarter in a row. However, the annual pace of decline moderated to 0.7 percent from 3.8 percent last quarter.