UK House prices rise 0.4% in August

House prices in August rose by 0.4%

The average price of all residential property transactions completed in England & Wales in August 2009 was 0.4% higher than in July. This is the fourth month in succession in which we have seen positive growth in house prices, albeit at low levels.

• Prices are now 8.6% lower than a year ago
On an annual basis, the average price of all residential property transactions in England and Wales in August is 8.6% lower than a year ago. The trough in the house price decline, on an annual basis, was reached in April 2009 at minus 13.4%.

• Housing Transactions have now doubled since January 2009
The number of housing transactions has increased each month from a low of 27,200 in January 2009, to more than double this number in July 2009. However, this figure still represents a decline of 48% from the long run average of 105,270 property sales per month, over the seven year period 2001 to 2007.

Dr Peter Williams Chairman of Acadametrics said

“The average house price has continued to rise but at £202,181 it is back, so far, only to where it was in April 2006. The monthly price rise of 0.4% contrasts markedly with the 2.2% price drop in November 2008; the data do suggest that the sharpest falls are now behind us and that the rate of decline has now reversed, even if it is too early to talk of a prolonged reversal.”

To read the whole article go to - http://www.ipsinvest.com/News.aspx?id=178