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House prices pick up steam in UK

Staff Writer |
British house prices gained momentum in July after slipping to growth slipped to its slowest annual rate in five years the month before, according to Nationwide's house price index.

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Average prices increased 0.6% month-on-month in July, which was much stronger than the flat month expected by economists. This mean house prices were up 2.5% compared to July last year, up from June's increase of 2.0% and batter than the 1.8% that was forecast, though Nationwide said prices were still only expected to increase by 1% over the full year.

Although this was the second month of improvement, it came on the back of weak prices in prior months, with just a 0.4% increase in prices for the past three-month compared to the three month before.

The housing market has suffered slow growth since the result of the Brexit referendum and has trundled on amid the continuing uncertainty over a final deal.

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