UK House Prices Edge Up Amid Economic Uncertainty

The UK house price index edged up by 0.2% in August, following a 0.1% dip in July, according to Nationwide Building Society.

The average house price in the UK was £275,465 in August, with annual growth of 1.6%, up from 1.4% in July.

Nationwide's chief economist Robert Gardner said market activity and house prices have remained subdued due to geopolitical tensions and uncertainty about the Bank of England base rate.

However, underlying affordability is improving as house price growth remains below earnings growth, although some gains have been offset by higher mortgage rates.