Thu, 28 Jun 07
House prices made a strong recovery in June, increasing by 1.1% during the month, reveals Nationwide...
Prices increasing more than twice as fast as last year, at the equivalent of a profitable £50 a day. Despite the rise, the rate of growth is set to slow in second half of year, with nationwide forecasting overall growth of 5.8% in 2007
Nationwide also expressed reservations about Gordon Brown’s increased focus on housing, urging the new Prime Minister to carefull consider the implications of any changes to buy-to-let taxation.
Headlines | June 2007 | May 2007 |
Monthly index * Q1 '93 = 100 | 367.2 | 359.2 |
Monthly change* | 1.1% | 0.5% |
Annual change | 11.1% | 10.3% |
Average price | £184,070 | £181,584 |
Commenting on the figures, Fionnuala Earley, Nationwide's Chief Economist, said:
While June’s heavy rain dampened the first days of
The pick up during the month brings the annual rate of house price inflation to 11.1%, its highest level since January 2005 and more than twice as fast as the pace of growth at this time last year.
The price of a typical house is now £184,070, more than £18,000 higher than this time last year, which is the equivalent of a rise of more than £50 per day."
The Bank of England's (BoE) Monetary Policy Committee will decide next week whether another rise in
Source: Nationwide
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