House Price Growth At 10% A Year Despite Squeeze On Finances
UK house prices rose by 10% in the year to August, the Nationwide has said, despite pressure on buyers' budgets.
The market still has greater demand from buyers than homes for sale, leading to a double-digit annual rise for the 10th consecutive month.
The mortgage lender said the typical property price had risen by £50,000 in the past two years to £273,751.
However, the Nationwide said there were signs the market was cooling, as both energy costs and mortgage rates rise.
The annual growth in house prices did slow slightly last month, down from 11% in July, but the market remains tough for first-time buyers.
The Nationwide is predicting that an increase in energy costs and rising mortgage interest rates will add to the pressure on household budgets in the coming months.