UK house prices see a positive turn
31st Aug 2012
The UK property market could soon see a small level of improvement, after a new report from one of the country's leading lenders said that house prices have improved in recent weeks.
According to Nationwide, the price of an average property across the country as a whole has risen by a small amount of 1.3 per cent through August, as the traditional slow down seen in the early summer months started to fade.
This was the largest monthly increase seen in the UK since January 2010, suggesting that the market could be starting to show signs of recovery in coming months.
However, while this was a positive movement compared to July, the mean valuation of £164,729 was still 0.7 per cent lower than at the same time just 12 months ago, although Nationwide claims that in spite of the fall, it shows that prices are remaining largely stable.
"Given the difficult economic backdrop, the extent of the rebound in August is a little surprising. However, we should never read too much into one month's data, especially since monthly price changes have been impacted by a number of one-off factors this year, such as the ending of the stamp duty holiday for first-time buyers," said Robert Gardner, Nationwide's chief economist.
Posted by Staff Writer: Ewan Robertson
© Zoopla Property Group Limited