House prices rise

Annual house price growth in the UK rose to 2.4% in August, marking the fastest rate since December 2022, according to Nationwide Building Society. The average house price reached £265,375, despite a 0.2% month-on-month decline attributed to seasonal factors. Robert Gardner, Nationwide's chief economist, noted that the market shows resilience in the current high interest rate environment, which contributes to affordability challenges. Analysts expect that if the Bank of England lowers interest rates further, housing market activity could strengthen and lead to increased price growth in 2025. Meanwhile, the Australian property market is also experiencing upward pressure, with prices projected to rise over 6% this year due to a tight supply and strong migration. Local markets in Australia are expected to vary significantly, with some cities anticipating substantial price increases.