UK house prices soar by 2.8 per cent

UK house prices rose 2.8 per cent in September, the highest monthly increase in eight years, according to a report by the building society Nationwide.

The figures revealed in the report reveal that the price of the average UK home was 15 per cent higher last month than in September 2000.

But Nationwide researchers said it was too early to predict what effect, if any, the US attacks would have on the property market.

But despite the gains in house prices Nationwide left the projections on house price growth for 2001 unchanged at 11 per cent due to a high risk of recession in the US.

Nationwide said that it would be some time before the slowdown would be seen.

The Bank of England also released separate figures which showed mortgage lending reached £5.05 billion in August.

Although consumer credit growth slowed, rising to £1.2 billion, the figure stood well below the £1.4 billion predicted by analysts earlier this year. (CD)

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