House prices 'nearing peak of 2007'

Posted: 03 Jun 2010 11:42:56 GMT

House prices are gradually nearing the same heights seen during the 2007 peak, new figures have shown.

Nationwide found that the average house price in May was up by 0.5 per cent to £169,162 from April's level of £167,802.

This number is just 9.5 per cent lower than the recorded high in October 2007.

Martin Gahbauer, the building society's chief economist, said: "Since reaching a trough in February 2009 - following a drop of 19.3 per cent from their October 2007 peak - house prices have risen by 12.2 per cent."

These figures compare with house price statistics from the Land Registry, which show a 0.2 per cent monthly rise from March to April with the north-east showing the biggest monthly increase at 3.1 per cent.

Annually, Greater London experienced the largest climb of 14.8 per cent while Yorkshire & The Humber only moved up 0.7 per cent.

However, according to Nationwide, between April and May the annual rate of house price inflation fell from 10.5 per cent to 9.8 per cent.


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