- UK house prices experienced a 0.1% month-on-month dip in August, as reported by Nationwide Building Society.
- Annual house price growth also weakened, reaching 2.1% in August.
- The average UK house price currently stands at £271,079.
- This subdued growth is primarily due to stretched affordability, high house prices relative to household incomes, and significantly increased mortgage costs.
- Experts anticipate gradual improvements in affordability if income growth continues to outpace house price growth and borrowing costs moderate, supporting buyer demand.
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