UK House Prices Stalled by Geopolitical Tensions

UK house prices saw a marginal increase of just 0.1% in July, as buyers remained cautious about interest rates amidst ongoing geopolitical tensions.

Nationwide reported that the average UK house price edged up to £277,542 from £277,484 in June, but annual growth slowed to 1.8%, down from 2.2% in the previous month.

According to Nationwide's chief economist Robert Gardner, 'geopolitical tensions remain high', with the conflict between Iran and the US driving up energy prices and market interest rates.

The Bank of England has kept interest rates on hold at 3.75%, but warned that further escalation of the conflict could push inflation above 4% next year, exacerbating cost-of-living pressures on households.