House prices on the rise

The Nationwide report house prices rising at the fastest rate in 3 years in July leading to further signs that the market could be recovering. On a month-on-month basis prices increased 0.8% in July.

Prices were up 3.9% year on year and now stand at an average of £170,825 according to the building society's figures. 

Despite all the optimism house prices remain 10% below the highs recorded in 2007 and when rampant inflation is taken into account the reduction is over 25% and prices have now dropped significantly below the average trend rate of growth of 2.8%
 
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