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28/09/2006
September house prices 'unseasonably strong'
House prices were "unseasonably strong" in September, the Nationwide has reported.
The building society's latest housing survey found that August's interest rate rise did little to cool house prices the following month.
House prices increased by 1.3%, bringing the annual rate to 8.2%. The average house price in the UK is now £169,413.
Fionnuala Earley, Nationwide's group economist, said: "Just like the weather, the housing market was unseasonably warm in September as August's interest rate hike did nothing to cool the rate of house price inflation.
"Buyer interest remains robust as estate agents continue to report strong enquiries."
However, Ms Earley said that fewer sellers were willing to put their properties on the market, which contributed price pressure on an already squeezed supply.
Strong demands from buy-to-let landlords was also helping to support the market, the Nationwide said.
The building society also suggested that more and more parents are helping their children to build up a deposit for their first home, often by remortgaging their own property.
The Nationwide said that finding a deposit was "tough", but said that it can still be cheaper to buy than rent.
(KMcA/EF)
The building society's latest housing survey found that August's interest rate rise did little to cool house prices the following month.
House prices increased by 1.3%, bringing the annual rate to 8.2%. The average house price in the UK is now £169,413.
Fionnuala Earley, Nationwide's group economist, said: "Just like the weather, the housing market was unseasonably warm in September as August's interest rate hike did nothing to cool the rate of house price inflation.
"Buyer interest remains robust as estate agents continue to report strong enquiries."
However, Ms Earley said that fewer sellers were willing to put their properties on the market, which contributed price pressure on an already squeezed supply.
Strong demands from buy-to-let landlords was also helping to support the market, the Nationwide said.
The building society also suggested that more and more parents are helping their children to build up a deposit for their first home, often by remortgaging their own property.
The Nationwide said that finding a deposit was "tough", but said that it can still be cheaper to buy than rent.
(KMcA/EF)
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