House prices edge up as sales stay low

House prices inched higher in July as demand and supply both stayed low to keep the market becalmed, according to Nationwide.

The average price of a house rose to £168,731, up 0.2 per cent from the previous month, and 0.4 per cent lower than this time last year. The number of property deals completed in the second quarter – 204,000 – was the lowest total for two years.