Property prices 'up in first half of 2010'

Posted: 30 Jun 2010 11:42:20 GMT

Property prices in the UK rose during the first half of this year, it has been claimed.

According to new figures from Nationwide, the market went up by three per cent over the six-month period.

Currently, the typical price of a residence stands at £170,111, the firm suggested.

Responding to the findings, Martin Gahbauer, Nationwide's chief economist, said: "The month of June presented a picture of broad stability for the housing market. The price of a typical UK property rose by a seasonally adjusted 0.1 per cent month-on-month."

However, the annual rate of inflation should continue to drift lower, he added.

In a bid to boost the sector, the new government announced the abolition of home information packs when it took power following the general election in May.

Mr Gahbauer suggested this led to a rise in the supply of property coming to the market.

However, spending cuts announced by the Conservative/Liberal Democrat coalition have prompted fears that the economy may go into a decline, thus harming the housing sector.


© Houseladder Ltd