2 Aug

July sees 'sharp improvement' in house prices

July sees 'sharp improvement' in house prices

House prices improved dramatically in July, with the value of a typical house rising for the third consecutive month, according to statistics.

Figures from Nationwide showed an increase of 1.3 per cent this month, with the highest three-month change level since February 2007.

Nationwide chief economist Martin Gahbauer said that even if prices were to remain unchanged until December, the year-on-year rate would continue to improve as prices were falling very sharply in the second half of 2008.

"House prices are still 6.2 per cent lower than 12 months ago, but this represents another sharp improvement from the 9.3 per cent year-on-year decline in June," he said.

Mr Gahbauer predicted that there was a "reasonable chance" that property prices could end the year slightly higher than where they began.

In related news, optimistic figures recently published by the Land Registry for the month of June indicated that price falls had begun to slow in the city of London.

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