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House prices rises hit 11%

House prices continued to rise in August, with average property prices up 11 per cent year-on-year.

House prices have now risen for 16 months in a row, although the monthly rate of growth dipped between June and July from 11.8 per cent to 10.6 per cent.

The latest Nationwide house price index shows average prices hit £189,306 this month, up from £170,514 a year earlier. On a monthly basis, prices rose 0.8 per cent from £188,949.

Nationwide chief economist Robert Gardner says: “The outlook for the housing market remains highly uncertain. The number of approvals fell by almost 20 per cent between January and May, suggesting that activity was cooling.

“However, there was a modest rebound in June and it is unclear how much of the slowdown was due to the Mortgage Market Review rather than an underlying loss of momentum.”

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