UK house price growth slows in August

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The average price of a British home grew

August's rate of growth is the same as Nationwide recorded in June this year. The last time house price growth was this slow was in July 2024.

It comes amid reports that the government is considering an overhaul of property taxes in a bid to raise money and boost the housing market in the autumn Budget.

Robert Gardner, chief economist at Nationwide Building Society, told the

"It's definitely worth looking at UK property taxes," he added.

The average UK home now costs £271,079, according to the lender's data, which is based on its own mortgage activity.

Despite the drop in the pace of growth, Mr Gardner said housing remains unaffordable for many buyers.

"House prices are still high compared to household incomes, making raising a deposit challenging for prospective buyers, especially given the intense cost of living pressures in recent years," he said.

The news comes as the government considers ways to shake up how housing is taxed in the UK, according to reports.

The introduction of National Insurance tax for landlords, removing the capital gains tax relief on selling pricier homes, abolishing stamp duty, and replacing council tax with a national property tax are some of the options reportedly being discussed.

Experts' views on the changes are mixed, with some arguing the abolition of stamp duty in particular could speed up the housing market but cost billions in lost tax revenue.