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The Guardian - UK
The Guardian - UK
Business
Julia Kollewe

Covid couldn’t cool house prices, but the economic chill might

Robert Gardner Nationwide United Kingdom Bank of England
A young woman looks in an estate agent's window while her dog, next to her, looks back towards the camera
Mortgage approvals have fallen recently, but many homeowners will be insulated from rising borrowing costs by their fixed-rate loans. Photograph: Bloomberg/Getty Images

Every economic indicator in Britain has started flashing red, but the housing market has marched relentlessly on.

Nationwide building society will release its latest house price index for June this week, along with regional data for the second quarter, while the Bank of England’s latest mortgage lending figures should also shed more light on the state of the UK property market. Prices are up 5% this year, although uncertainty about the wider economy has meant Nationwide has not issued an annual house price forecast.

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