28
Aug
House price boom continues into August
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, according to new figures.
Figures in the house price index released by Nationwide building
society - which offers travel insurance as well as loans, mortgages
and personal banking - showed that house prices rose by 1.6 per
cent in August, while the quarterly rate of change rose from 2.7
per cent in July to 3.3 per cent in August, the highest level since
February 2007.
Martin Gahbauer, chief economist at the firm, said that while at
£160,224, the average price of a typical UK property is still
slightly lower than 12 months ago, the annual rate of change rose
further in August, from -6.2 per cent to -2.7 per cent.
"Over the first eight months of 2009, the seasonally adjusted index
of house prices has risen by 3.2 per cent, though relative to the
October 2007 peak it is down by 14.4 per cent," he said.
