• From The BBC:

    UK house prices rose for the fourth month in a row during August, the Nationwide has said, climbing by 1.6%.According to the Nationwide, the average price of a home is now £160,224, up from £158,871 in July. While prices are still lower than last year, the annual rate of decline in property values slowed sharply to 2.7%, compared with July’s 6.2% fall. The Nationwide said a key factor in lifting prices was “the exceptionally low level of interest rates”. Rates have been kept on hold at 0.5% by the Bank of England since March. ‘Bumpier’ road aheadThe three-month on three-month comparison of property prices – considered a less volatile measure than the monthly data – showed a rise of 3.3% in August, up from 2.7% in July.
    Nationwide’s chief economist Martin Gahbauer said lower interest rates had given existing homeowners with tracker or standard variable mortgages a welcome breathing space. “The fall in debt serving costs has meant that fewer homeowners are under immediate fi…

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    Posted by Jon @ 7:31 pm

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