28 Aug

House price boom continues into August

House price boom continues into August

The price of a typical house rose for the fourth consecutive month in August, increasing by 1.6 per cent on a seasonally adjusted basis, according to new figures.

Figures in the house price index released by Nationwide building society - which offers travel insurance as well as loans, mortgages and personal banking - showed that house prices rose by 1.6 per cent in August, while the quarterly rate of change rose from 2.7 per cent in July to 3.3 per cent in August, the highest level since February 2007.

Martin Gahbauer, chief economist at the firm, said that while at £160,224, the average price of a typical UK property is still slightly lower than 12 months ago, the annual rate of change rose further in August, from -6.2 per cent to -2.7 per cent.

"Over the first eight months of 2009, the seasonally adjusted index of house prices has risen by 3.2 per cent, though relative to the October 2007 peak it is down by 14.4 per cent," he said.

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