UK House Prices Rise For Third Consecutive Month

Astonishing isn´t it, both experts and homeowners have been proven wrong again with news of another house price gain. Nationwide, the UK mortgage specialist, has published July´s figures and amazingly further gains are evident. The lender commented that this is directly attributed to family home sales in "desirable areas".

Average house prices rose from £156,442 to £158,871 in July demonstrating a 1.3% rise, making a total of a 1.3% increase in prices since the start of the year. This will mean there is the possibilty of prices being higher come the end of the year than they were at the beginning.

These figures, experts believe, is due to lack of property availablity brought about because low mortgage rates are helping people stay put in their homes. Many experts are also stating that Nationwides figures are based on too low a cross section of transactions to give an accurate picture.

My own opinion, for what it is worth is that some of these pundits are addicted to pessimism and if we had listened to them when they told us house prices would tank in 2001 many of us wouldn´t have enjoyed the significant profits acheived since then.Sure many people did the wrong thing when they saw that there was equity in their homes, but hopefully that lesson will be learnt for the next time around.

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