Nationwide reports house price growth

30-Jun-2009

Nationwide Building Society's index for house prices has shown that the value of property in the UK grew by 0.9 per cent during June.

It is the third month out of four that the financial services group has reported a hike in the cost of bricks and mortar.

Apparently, the average home in the country cost £156,442 in June, which is likely to be welcomed by people selling their properties.

Chief economist at Martin Gahbauer suggested that vendors will be encouraged by the news and will have more confidence when marketing their homes for sale.

"While it is encouraging to see that prices are no longer seeing steep falls, there are still many obstacles in the way of a genuine and sustainable price recovery," he explained.

There are many housing surveys produced each month, but the ones from Nationwide and Halifax are generally regarded as the true indicators of the current market situation.

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