3
Jul
House prices up, Nationwide reveals
The latest figures from Nationwide show that house prices were up
by 0.9 per cent in June this year.
For the first time since December 2007, the three-month rate of
change for the market was positive.
However, Nationwide remained cautious, stating that a "sustained
recovery still faces risks".
The unusual thing about these latest figures, the building society
noted, is that this trend reversal has taken place when the number
of transactions is still low compared to previous levels.
Martin Gahbauer, Nationwide's chief economist, said: "House prices
have now risen in three of the last four months, suggesting that
the improvement that began to show up in March represents more than
just statistical noise."
There was also good news reported by Taylor Wimpey recently, as the
housebuilder reported an increase in the demand for new property
developments.
It too believes that the property market is stabilising, despite
the weak economy and rising levels of unemployment.
