More property price rises reported

02 December 2009

Written by Steve Olejnik

Buy to let mortgage holders and other homeowners in the UK may have seen the value of their properties increase in November.

According to Nationwide Building Society's latest housing survey, there was a 0.5 per cent hike in the average cost of a home over the course of the month.

The financial services provider indicated that the typical price of bricks and mortar in October was £162,038 and this figure rose to £162,764 in the month just gone.

Year-on-year, there has been a 2.7 per cent increase in how much the average UK property is worth.

Nationwide chief economist Martin Gahbauer remarked: "At £162,764, the average house price is at a similar level to where it was in early 2006."

He also suggested that the value of property is growing "at a more moderate pace" than earlier this year.

Recent house price indexes from the Land Registry and Halifax have claimed that UK homes were worth more in October than they were at the start of 2009.

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