Nationwide: Property prices on the up
Property prices in the UK have increased again, according to the latest figures from Nationwide Building Society.
There was a 1.6 per cent rise in the average cost of a UK home between July and August, the research has found.
People looking for a place to live may find that property to rent in London is more suitable to their budget than buying bricks and mortar.
Nationwide said that the year-on-year difference in property value is now -2.7 per cent, compared to -6.2 per cent in July.
Chief economist at the building society Martin Gahbauer remarked: "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."
A statement from the company also revealed that the low interest rate of 0.5 per cent, which has stood since March, has also helped to underpin the price of property in the UK at the moment.
Mr Gahbauer added that these "exceptionally low" rates offer partly explain why the sharp falls in property value from last year have not been repeated in 2009.
Written by Ben Carter
Published 27th August, 2009
© 2009 Estates IT Limited
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