29 Jan

Property prices rise for 13th consecutive month

Property prices rise for 13th consecutive month

Property prices in the UK have risen for the 13th month in a row, supporting views that the market is on its way to a strong recovery.

The latest index from the Nationwide Building Society will be received positively by estate agents in the country as it revealed that prices are up by 0.7 per cent, which leaves prices just 4 per cent below their 2007 peak.

Indeed, the average price for a house in the UK is up to £176,491, which will provide optimism to those in the real-estate industry.

December witnessed the number of total housing transactions in the UK reach 103,000 for 2013, according to HM Revenue and Customs, which is a 30 per cent increase on 2012.

“The housing market is continuing to gather momentum on the back of further solid gains in employment, record low mortgage rates and rising confidence. There have been encouraging signs that activity levels in the housing market are also gradually returning towards more normal levels, “said Robert Gardner, chief economist at Nationwide.

He added that the pickup was broad-based and heavily driven by the influx of new buyers looking to get onto the property ladder.ADNFCR-1222-ID-801687961-ADNFCR

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