13 February 2010
Amidst the news that the UK has now come out of recession and things in the property market are looking somewhat brighter than they have for some time one leading High Street lender has now predicted further good news for the property market. According to the Nationwide house prices in the UK are continuing to increase, and the rate of house price increases could rise to over 10 percent a year.
The latest survey from Nationwide has shown that in January of this year the average house price increased by 1.2 percent, and this took the annual rate up to 8.6 percent. This has pushed the annual rate of increase up to 8.6 percent.
The average property price in the UK has now increased to £163,481 as a result of the latest increase. The Land Registry also carried out a separate survey, which showed that annual changes in property values had shown an increase for the first time since May 2008.
Officials from the Nationwide have said that house prices have now been increasing for nine consecutive months, and with the rate of increase being at its fastest since October 2007. The lender said that the continuing increase in property prices had come as something of a surprise taking into account that the UK had been in such a long and deep recession of the past year.
Tags: property prices, house market, finance, EconomicsThe chief economist from the Nationwide stated: “House prices strengthened their upward momentum at the start of 2010, increasing by a seasonally adjusted 1.2% month-on-month in January. Unless there is a fall in property values in February, annual house price inflation is likely to move into double-digit territory next month for the first time since May 2007.”