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House prices edge up by 0.2% in July

29th July 2011 Print

House prices increased by 0.2% in July, according to the Nationwide House Price Index.

Commenting on the figures, Robert Gardner, Nationwide's Chief Economist, said: "Stability has been the watchword for the UK housing market over the past 12 months. Sluggish demand for homes, combined with only a gradual rise in the supply of available properties, has helped to keep property prices relatively stable.

"This pattern was maintained in July, with UK house prices rising by a modest 0.2% during the month, leaving prices 0.4% below the level prevailing in the same month of 2010. At 0.3%, the three month on three month measure of house prices was little changed from the 0.4% rate of increase recorded in June.

"The volume of property transactions has also remained at historically low levels in recent months. Only 204,000 housing transactions were recorded in the second quarter of 2011, the lowest outturn since Q2 2009.  No doubt much of this reflects the uncertain economic climate. However, some commentators have suggested that there may be more fundamental factors at play, such as a trend away from owner-occupancy."