House prices rise 3% in six months

by Morag Lyall

House prices in the UK have risen three per cent in the first half of the year and 0.1 per cent in June, according to the latest Nationwide house price index.

This could come as welcome news to DIY house sellers looking to get the best price for their property.

According to the building society, houses are now worth an average £170,111.

However, last month the market saw a 0.5 per cent increase.

Annual house price inflation has dropped from 9.8 per cent to 8.7 per cent.

Martin Gahbauer, Nationwide's chief economist, commented: "Recent indicators point to an increase in the supply of property coming to the market for sale, perhaps in response to the abolition of Hips [home information packs] in the opening days of the new coalition government.

"With the level of demand remaining broadly stable, this would in part help to explain the recent slowdown observed in the rate of house price inflation."

He noted that the rise in capital gains tax to 28 per cent would not likely affect the supply of properties on the market.

  • Property News from Lawpack: buying or selling your own house? Straight-forward advice on DIY house selling.

Published on: June 30, 2010

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