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House prices continue to gain momentum

The latest House Price Index from Nationwide has revealed that UK house prices increased by 0.8% in July and were 3.9% higher than July 2012.

According to Nationwide, this is strongest rate of annual price growth in the property market since August 2010, and means that a typical UK home is now worth £170,825.

“House prices are currently around 12% higher than the lows seen in the midst of the financial crisis, though they are still around 10% below the all-time highs recorded in late 2007,” commented Robert Gardner, Nationwide’s Chief Economist.

“Signs of a modest improvement in wider economic conditions and further modest gains in employment are likely to be lifting buyer sentiment. An improvement in the availability and a reduction in the cost of credit, partly as a result of policy measures such as the Funding for Lending and Help to Buy schemes, are also boosting the demand for homes,” he added.

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