30 Jun

Homeowners benefit from rise in house prices

Homeowners benefit from rise in house prices

Homeowners have seen their property values increase after a recent study showed house prices have risen in the first half of the year.

Financial services company Nationwide released its house index figures for June today (June 30th), which revealed that house values rose by 0.1 per cent this month, resulting in a cumulative increase of three per cent from the beginning of 2010.

Nationwide's chief economist Martin Gahbauer said: "Recent indicators point to an increase in the supply of property coming to the market for sale, perhaps in response to the abolition of home information packs (Hips) in the opening days of the new coalition government."

The report also showed that the annual rate of house price inflation dropped from 9.8 per cent to 8.7 per cent between May and June.

Mr Gahbauer added that despite this decline, the last few weeks had shown signs of stability for the market.

Earlier this month, the House Price Index from the Department of Communities and Local Government revealed that between March and April 2010, house prices in the UK rose by 0.4 per cent.
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