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August house prices "firm"

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  • August house prices "firm"

    The Nationwide reports that house prices continue to be "firm" in August, with moderate strong growth continuing:

    The building society's housing survey found that prices rose by 0.8% during the month, the same as in July, lifting the annual rate of growth to 6.6%.

    This was the fastest yearly growth rate since April 2005, and the average UK property now costs £167,721.

    The three-monthly trend showed prices rose 1.4% in the three months to August compared with the previous quarter.
    This is coupled with continuing strong mortgage lending figures:

    The number of new mortgages approved for house buying, but not yet lent, rose again in July to 120,000 - the highest level since the start of 2006.

    Approvals have been rising steadily this year and are up 24% on a year ago.

    Meanwhile the amount of money actually lent on new mortgages in July rose by £9.8bn, the second highest monthly increase on record.

    The continued acceleration in the value of mortgage borrowing has helped to drive up the total amount of debt owed by individuals in the UK.

    This rose by another £10.9bn in July, pushing the outstanding level of personal debt to £1.24 trillion.
    However, having just had an interest rate rise, and with inflation continuing to threaten, looks like we could be looking at further interest rate rises - possibly even one later in the year - which is bound to put additional pressure on the current property market.

  • #2
    What's the market doing this month? Is it slowing because of winter and rates or not?


    • #3
      Still rising strong, by the looks:

      Interesting, as I haven't seen any figures for September yet.


      • #4
        Ah - my bad - here they are - still going strong:

        House prices rose by 1% in September and are increasing at an annual rate of 8%, according to the Halifax, the UK's biggest mortgage lender.

        This is the second month in a row that house prices have shown a strong rise, potentially adding to the case for an interest rate increase.

        Halifax added that sound fundamentals would "continue to support a healthy housing market over the coming months".