RICS: Nationwide and Bank of England July figures

Commenting on Nationwide house price figures, Oliver Gilmartin, RICS senior economist said: "Today's figures confirm the slowing trend in annual house price growth which is gripping the UK at the moment. With financial and credit markets likely to remain volatile in the near term and lenders becoming increasingly cautious, softer market conditions are expected to continue into Christmas. Additionally the London boost to the national figures will start to wane over the next 6 months as the financial services industry becomes more cautious."

On the Bank of England mortgage lending figures he added: "Today's stronger mortgage lending data will add weight to those on the monetary policy committee who believe that another interest rates rise may be necessary before year end. However, volatility in credit and financial markets will remain the key determinant for the rate setting committee going into the winter period."