House price inflation at lowest level since 1996

The mortgage lender says house prices increased by 0.2% in July reversing the previous months fall, with the annual rate of inflation standing at 2.6% in July. This compares to a rate of 4.1% in June and more than 20% in July 2004 says Nationwide. The average house price according to the latest figures is now £158,348. Fionnuala Earley, group economist at Nationwide, says July’s figures suggest a slight improvement in the housing market with the number of approves for house purchase picking up steadily since the start of the year, reaching a seasonally adjusted figure of 96,000 in May u...