House prices return to 2008 levels
House prices rose for the fifth month in a row in September, taking the average value of a property to levels last seen 12 months ago, The Times reports.
Nationwide’s monthly house price index showed an increase of 0.9 per cent last month, but the building society warned that the high price of rental property and low turnover meant that the rate of recovery is unlikely to be sustainable.
With the average value of a property now £161,816, last month was the first time since March 2008 that the year-on-year rate of change has not been negative.
The figures show that in the first nine months of 2009, house prices rose by 4.1 per cent, although they are still down by 13.5 per cent relative to their peak in October 2007.
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