3 Jul

House prices up, Nationwide reveals

House prices up, Nationwide reveals

The latest figures from Nationwide show that house prices were up by 0.9 per cent in June this year.

For the first time since December 2007, the three-month rate of change for the market was positive.

However, Nationwide remained cautious, stating that a "sustained recovery still faces risks".

The unusual thing about these latest figures, the building society noted, is that this trend reversal has taken place when the number of transactions is still low compared to previous levels.

Martin Gahbauer, Nationwide's chief economist, said: "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."

There was also good news reported by Taylor Wimpey recently, as the housebuilder reported an increase in the demand for new property developments.

It too believes that the property market is stabilising, despite the weak economy and rising levels of unemployment.

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