UK house prices 5.8% higher than a year ago - Nationwide


UK house prices are now 5.8% higher than this time a year ago, according to Nationwide, but are still 7% off their 2007 peak.

In its latest view of the housing market, the lender said prices increased by 1% in October, taking the average price of a home in the UK to £173,678, An improving economic outlook and the success of government schemes to boost lending were cited as reasons for the rise. Nationwide, which bases its figures on the number of mortgages it agrees with customers, said the annual rate of price inflation of 5.8% was at its highest level in more than three years. Chief economist Robert Gardner said: "The UK housing market appears to be following the more resilient upward trend evident in t...

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