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UK House Price Inflation Moderates In July: Nationwide

UK house price inflation moderated in July from a 17-year high, data published by Nationwide Building Society showed on Wednesday.

House prices grew 10.5 percent year-on-year in July, slower than the 13.4 percent increase posted in June. This was also weaker than the economists' forecast of 12.1 percent.

On a monthly basis, house prices fell 0.5 percent, following a 0.7 percent rise in June. Economists had forecast prices to climb 0.6 percent.

"The modest fallback in July was unsurprising given the significant gains recorded in recent months," Robert Gardner, Nationwide's chief economist, said.

The tapering of stamp duty relief in England is also likely to have taken some of the heat out of the market, Gardner added.

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