The Nationwide Building Society released its house prices data for the U.K. on Tuesday. UK house prices rose 0.4% in July, in line with expectations, after a 0.2% decline in June.
On a yearly basis, house prices increased to 3.5% in July from 3.3% in June, in line with expectations.
"The outlook on the demand side remains encouraging. Employment growth has remained relatively robust in recent quarters, and, after a prolonged period of subdued growth, wage growth is also edging up. With consumer confidence buoyant and mortgage rates still close to all-time lows, demand for housing is likely to firm up in the quarters ahead," Nationwide's chief economist, Robert Gardner, said.