House prices to recover in 2009 - Nationwide

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Nationwide has predicted positive house price growth for the rest of 2009, after prices rose by 1.3% in July.

The average price of a property rose on a monthly basis, from £156,442 to £158,871. This is the third consecutive monthly increase in the index following on from a rise of 1% in June. Although prices are 6.3% down annually, the three-month-on-three-month rate of change rose to 2.6% in July which is the highest level since February 2007. Nationwide chief economist Martin Gahbauer says: "This suggests there is now a reasonable chance that prices could end the year slightly higher than where they started. Only a few months ago, such an outcome would have appeared unthinkable. "Even if...

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