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Commercial Property News
Nationwide: May residential property prices increase
A new report has shown that residential property prices are now only 10% less than their 2007 peak.
The research, carried out by Nationwide, showed a 0.5% month-on-month increase in house prices in May, along with the 1.1% rise in April, has helped propel the average residential property value up to £169,162.
Taken year on year, house prices were up 9.8% in May and are now close to hitting highs seen before the credit crunch began three years ago.
According to the building society, this is a far cry from February 2009's trough of a 19.3 per cent drop.
Martin Gahbauer, Nationwide's chief economist, added: "The smoother three-month-on-three-month rate of increase rose from 1.1% in April to 1.7%, as February's fall in house prices dropped out of the most recent three month average."
Research by the Land Registry recently revealed that typical residential sales saw an increase of 0.2% in April, with the average price tag resting at £165,596.
Posted by James Collins
The research, carried out by Nationwide, showed a 0.5% month-on-month increase in house prices in May, along with the 1.1% rise in April, has helped propel the average residential property value up to £169,162.
Taken year on year, house prices were up 9.8% in May and are now close to hitting highs seen before the credit crunch began three years ago.
According to the building society, this is a far cry from February 2009's trough of a 19.3 per cent drop.
Martin Gahbauer, Nationwide's chief economist, added: "The smoother three-month-on-three-month rate of increase rose from 1.1% in April to 1.7%, as February's fall in house prices dropped out of the most recent three month average."
Research by the Land Registry recently revealed that typical residential sales saw an increase of 0.2% in April, with the average price tag resting at £165,596.
Posted by James Collins
Thu, 3rd Jun 2010