Nationwide: House prices have taken an upward bounce

30-Jul-2009

House prices experienced an "upward bounce" in July, changing on a monthly basis by 1.3 per cent and rising to an average value of £158,871, it has been stated.

Nationwide's figures showed the third consecutive monthly increase, although prices are still 6.2 per cent below what they were a year ago.

Chief economist at the lender Martin Gahbauer said although there have not been that many transactions, they have coincided with low levels of supply and this was enough to make prices go up.

"During turbulent economic times, it is not unusual for economic indicators and asset prices to overshoot in one direction and then experience a correction in the other," he added.

However, this improvement will not necessarily be replicated in future months, Mr Gahbauer explained, because of the long-term impact rising unemployment can have on the economy.

The Royal Institution of Chartered Surveyors echoed Nationwide's suggestion that there is a current lack of properties and this has led to a house price rise.

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