Nationwide: House prices rise 0.9% year-on-year

Nationwide: House prices rise 0.9% year-on-year

The cost of buying a property in the UK has risen over the last 12 months, according to Nationwide.

Its April House Price Index reported a 0.9% rise in the value of houses in Britain between April 2012 and April 2013. This takes the typical value of a home to £165,586.

Robert Gardner, Nationwide’s Chief Economist, said: “There is some evidence that activity and prices have gained some momentum in recent months.”

He stated that a three month on three month measure of house values has shown positive signs since October 2012.

This rise in property prices over the last year comes despite a small 0.1% fall in values between March and April 2013.

However, Mr Gardner noted that the number of mortgage approvals has risen over the last 12 months, which means “there are reasons for optimism that activity levels will continue to strengthen in the months ahead”.

Last month, Nationwide reported house prices rising 0.8% between March 2012 and March 2013, while seven out of 13 regions in the UK saw annual property values increasing in the first quarter of the year.

 

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