Property values have been pushed up by 0.8 percent month-on-month, marking the sixteenth monthly increase in a row, Nationwide data shows.
The average house prices is now £189,306, although mortgage approvals generally dipped after tougher lending rules which forced lenders to ask for more detail about a potential borrower’s spending habits. The point is to ensure that a possible increase in interest rates could be afforded by the applicants.
Typical UK house prices initially passed their 2007 peak in in May this year and have been hitting new records each month since then. House price growth year-on-year has been in double digits since April, the research shows.
Overall, the increase shows that assessments that the property market is slowing have proved premature and that London housing is still as in demand as ever.
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