House prices up 0.8pc

House prices up 0.8pc

British house prices in July grew at their fastest annual rate for nearly three years, the latest Nationwide House Price Index has revealed.

House prices increased by 0.8% in July compared to a 0.3% rise in June and are now some 3.9% higher than they were in June last year.

Robert Gardner, chief economist at Nationwide, said: “Signs of a modest improvement in wider economic conditions and further modest gains in employment are likely to be lifting buyer sentiment.

“An improvement in the 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, are also boosting the demand for homes.”