House price bounce extends into August
Article Published: Friday, August 28th, 2009
>> House prices rose by 1.6% in August
>> Year-on-year decline slows from -6.2% to -2.7%
>> Low interest rates helping to underpin prices for the moment
| Headlines | August 2009 | July 2009 |
| Monthly index * Q1 ‘93 = 100 | 317.9 | 313.0 |
| Monthly change* | 1.6% | 1.4% |
| Annual change | -2.7% | -6.2% |
| Average price | £160,224 | £158,871 |
*seasonally adjusted
Commenting on the figures Martin Gahbauer, Nationwide's Chief Economist, said:
"The price of a typical house rose for the fourth consecutive month in August, increasing by 1.6% on a seasonally adjusted basis. The 3 month on 3 month rate of change – generally a smoother indicator of the near term trend – rose from 2.7% in July to 3.3% in August, the highest level since February 2007. At £160,224, the average price of a typical UK property is still slightly lower than 12 months ago. However, the annual rate of change rose further in August, from -6.2% to -2.7%. Over the first eight months of 2009, the seasonally adjusted index of house prices has risen by 3.2%, though relative to the October 2007 peak it is down by 14.4%.”
By Steve Wood - Director of Echelon Mortgages Ltd
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