House prices ‘up in July’

House prices have risen this month, new figures from Nationwide have indicated.

The building society said that there had been a 1.3 per cent increase during the month, following a one per cent jump in June, making it the third successive monthly rise.

Over the last three months the increase has been 2.6 per cent, the highest for any quarterly period since February 2007, the lender’s chief economist Martin Gahbauer noted.

Such figures may suggest those looking to change their mortgage or take on secured lending need have less fear of negative equity.

Mr Gahbauer commented that the market has been “remarkably resilient”, adding that the pent-up demand from people who had held back from buying in the depth of the financial crisis last autumn has been coming through in recent months, as such people have been more confident.

Halifax figures for June contradicted Nationwide’s by indicating a 0.5 per cent fall, but a rise in these may strengthen suggestions that the bottom of the market has passed.

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