Date issued: 27 Aug 2009
HOUSE PRICE BOUNCE EXTENDS INTO AUGUST
- House prices rose by 1.6% in August
- Year-on-year decline slows from -6.2% to -2.7%
- Low interest rates helping to underpin prices for the moment
| Headlines |
August 2009 |
July 2009 |
| Monthly index * Q1 '93 = 100 |
317.9 |
313.0 |
| Monthly change* |
1.6% |
1.4% |
| Annual change |
-2.7% |
-6.2% |
| Average price |
£160,224 |
£158,871 |
* seasonally adjusted
Commenting on the figures Martin Gahbauer, Nationwide's Chief Economist, said:
“The price of a typical house rose for the fourth consecutive month in August, increasing by 1.6% on a
seasonally adjusted basis. The 3 month on 3 month rate of change – generally a smoother indicator of the
near term trend – rose from 2.7% in July to 3.3% in August, the highest level since February 2007. At
£160,224, the average price of a typical UK property is still slightly lower than 12 months ago. However, the
annual rate of change rose further in August, from -6.2% to -2.7%. Over the first eight months of 2009, the
seasonally adjusted index of house prices has risen by 3.2%, though relative to the October 2007 peak it is
down by 14.4%.
For further information please see our August 2009 report (PDF 52KB).
