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31 August 2006
House prices in August flew in the face of the recent 0.25 per cent interest rate rise, according to data from Nationwide.
The rise in prices was one of 0.8 per cent, according to the figures, and this has contributed to the fastest rate of growth in this area since April 2005 – with prices going up by the equivalent of £30 each day.
Fionnuala Earley, group economist at the group, said: "The annual rate of house price inflation picked up for the third consecutive month in August. House prices are now 6.6 per cent higher than at this time last year.
"This is the fastest annual rate of growth since April 2005 and almost three times faster than at this time last year."
A typical UK house now costs some £10,412 more than last year – standing at £167,721. The Bank of England's recent interest raise had prompted predictions of a slowdown in the housing market.
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