UK Housing Market Rebounds with Price Surge in July

In July, house prices in Britain experienced a notable rise, increasing by 0.6% after a 0.9% dip in June. This change elevated the annual growth rate to 2.4%, up from 2.1%, according to the latest figures released by the Nationwide Building Society.

Economists, surveyed in a Reuters poll, had predicted a more modest monthly price rise of 0.3% and an annual increase of 2.1%. The stronger-than-expected rebound indicates a potential stabilizing trend in the UK's housing market.

The unexpected rise in house prices comes amid ongoing economic uncertainties, suggesting resilience in the property sector. Analysts are watching closely to understand the implications of these trends on the broader economic landscape.

(With inputs from agencies.)