House price inflation hits 10.5%, says the Nationwide

Thursday, 29 April 2010

The annual rate of UK house price inflation has hit double figures for the first time since June 2007, according to the Nationwide.

The building society said that house prices in the UK had risen by 10.5% in the year to the end of April. Prices rose by 1% in April to push the cost of the average home to £167,802.  However, the Nationwide predicted that the past year's surge in prices would tail off later this year, with sellers starting to outnumber buyers.

"There has recently been evidence of a slight shift in the supply-demand balance," said Martin Gahbauer, the Nationwide's chief economist.

"While the recovery in new buyer enquiries at estate agent offices appears to have petered out, the last few months have seen an increase in the level of new instructions from sellers.

"All else equal, this should lead to a gradual flattening out of the recent upward price momentum," he said.

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Source: BBC Business News http://news.bbc.co.uk/1/hi/business/10090047.stm

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