3 Apr

Property prices rise for 15th successive month

Property prices rise for 15th successive month

UK property prices have risen for the 15th month in a row, according to the latest index from the Nationwide Building Society.

Last month saw prices across the country increase by 0.4 per cent - making them 9.5 per cent higher than at the same point 12 months ago.

It also means the average home value now stands at £180,264 and prices are around three per cent below the level seen at the height of the market in 2007.

Nationwide’s chief economist Robert Gardner explained the index shows that there is little doubt the UK real estate market is recovering from the recent economic downturn.

He added: "Record low mortgage rates, improved availability of credit and the brighter economic outlook are all leading to increased demand for housing."

The index also revealed a growing gap between London's property market and the rest of the UK's, with an 18 per cent increase in prices over the past year - making the average capital city home cost £362,699.ADNFCR-1222-ID-801709828-ADNFCR

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