House Price Growth Rising Again
UK house price inflation "bounced back" in June with prices rising by 1.1%, according to the latest survey from the Nationwide building society.The stronger-than-expected increase lifted the annual rate of growth to 11.1% from 10.3% in May.
Nationwide said prices were rising more than twice as fast as last year, with the average house price now £184,070.
However, it said that it thought the rate of growth would slow in the second half of the year.
Estate agents are continuing to show a fall in the number of new buyer enquiries and house builders are also registering falls in the numbers of site visitor
The strength of the UK housing market was underlined by the fact that prices in the past three months rose 2.2% compared with the previous three month period, up from May's comparable figure of 1.9%.
Nationwide's survey findings run contrary to recent trends which have seen house price inflation beginning to plateau.
But Fionnuala Earley, Nationwide chief economist, said that despite June's uptick in inflation, the housing market was showing signs of "softening", with the recent rises in intereet rates bing the key reason.
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