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House prices still on the rise, according to Nationwide


House prices rose again in August for the 11th straight month, according to Nationwide, further highlighting the increasing strength of the UK property market.

Prices are now an average of 3.5pc higher than in August 2012, after the latest rise of 0.6pc last month, with the average home valued at £170,514.

However the price rise has slowed slightly when compared to July, where results showed an increase of 0.9pc in prices. This also means the annual inflation figure of 3.5pc was a fall from the previous figure of 3.9pc. Despite this, the quarterly figure for growth in Q2 2013 showed a rise of 1.4pc, the strongest three month growth in the market since 2010.

House prices have been given a significant boost by a greater availability of mortgages as well as a falling amount of property on the market predominantly; but there are also other factors according to Nationwide’s chief economist, Robert Gardner. He said: “Consumer confidence has increased significantly in recent months thanks to further modest gains in employment and signs that the UK economy is finally gathering momentum.

“An improvement in 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, is also enabling more people to take their first steps into the property market”, he said.

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