Nationwide: House prices up for third consecutive month

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Nationwide: House prices up for third consecutive month

Nationwide research out this week shows that house prices in the UK have risen for the third consecutive month.

The Nationwide Housing Index shows that the average house price in the UK stood at £158,871 in July, a 1.3 per cent improvement on June's figures.

Compared to the same time last year, the cost of a house is down by 6.2 per cent. However, in June, it was 9.3 per cent down on the same time in 2008.

Martin Gahbauer, Nationwide's chief economist, highlighted that during the first seven months of 2009, "prices have risen by a cumulative 1.3 per cent, suggesting there is now a reasonable chance that prices could end the year slightly higher than where they started".

In other news in the housing market this week, the Bank of China has started offering mortgages to Brits. They are open to first-time buyers, those moving house and people considering remortgaging.

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