Nationwide says house prices are up again

Posted: 03 Aug 2009 11:16:16 GMT

Property prices rose again last month, according to Nationwide Building Society's latest survey.

It is the third month in a row that the financial services provider has reported inflation in house prices.

In July, the average cost of a home in the UK was recorded at £158,871, which is 1.3 per cent higher than the figure stated for the previous month.

Martin Gahbauer, chief economist at Nationwide, spoke confidently about the latest figures.

"For the first seven months of 2009 as a whole, prices have risen by a cumulative 1.3 per cent, suggesting there is now a reasonable chance that prices could end the year slightly higher than where they started," he explained.

Such an outcome would have been unthinkable a few months ago, he added.

Last month, independent property specialist Malcolm Harrison said that first-time buyers have always struggled to purchase property. Every inaugural purchase is a "pretty major step forward", he suggested.


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