House prices defy forecasts to continue double-digit increase, according to Nationwide - The Times

The housing market continues to defy the wider economic gloom, with prices rising for the thirteenth month in a row last month.

In the face of rising mortgage rates, a cost of living crisis and tumbling consumer confidence, many market commentators have been forecasting a slide in house prices, which is still yet to come.

In August UK house prices increased by an average of 0.8 per cent on the previous month, according to the latest Nationwide house price index. That compares with a month-on-month rise of 0.2 per cent in July.

It means that the average house price now stands at £273,751, a new high. Since the pandemic erupted house prices across the country have risen by close to 25 per cent. Back

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2022-09-01 07:30:00Z
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