Rise In House Prices Again

Yesterday there was some very welcome news from the UK property market. According to a survey from the Nationwide Building society UK house prices rose by 0.9% in June. It said this was the third rise in the past four months, and shrank the annual rate of decline to just 9.3%, from 11.3% in May. The increase in prices during the past month means the average home now costs £156,442, which is £15,973 less than a year ago.Whilst this is still down on last year - it does show some very small signs of recovery. The Nationwide was quoted as saying the stabilisation of prices was a "welcome surprise".

A spokesman for the Nationwide concluded "House prices have now risen in three of the last four months, suggesting that the improvement that began to show up in March represents more than just statistical noise," and in addition said "What is unusual about the recent trend reversal, however, is that it has taken place against a background of transactions activity that is still very low by historical standards," he added.

Lets hope this trend is one that continues.

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