House prices rise for sixth straight month
House prices are now 2 per cent higher than a year ago, representing the first year-on-year increase since March 2008, according to the latest survey from Nationwide Building Society.
The lender’s monthly house price index reveals the average price of a home climbed for the sixth straight month, rising 0.4 per cent to £162,038 last month, compared with September.
October’s increase was less than the 0.9 per cent seen in September and the 1.4 per cent recorded in both July and August.
Martin Gahbauer, chief economist at Nationwide, said that the smaller rise this month may reflect the fact that more properties are being put on the market than earlier in the year.
Simon Rubinsohn, chief economist at the Royal Institution of Chartered Surveyors, said although the rise was relatively modest in October, the average cost of a home was now only 13 per cent less than it was at the peak back in 2007.
He commented: ‘The latest gain in house prices caps a generally good news week for the housing market with transaction levels continuing to recover according to the Land Registry and net mortgage lending rising a little further.’
Have your say
You must sign in to make a comment