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29/05/2009
House prices show rise |
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House prices have risen this month, a new survey has shown.
Nationwide's monthly statistics have revealed today that the average home sold for £154,016, up 1.2 per cent on April.
It also noted that the annual rate of decline had slowed since last month, from 15 per cent to 11.3 per cent.
Nationwide's chief economist Martin Gahbauer said that some caution should be attached to the data, commenting that in some months in the 1990s housing downturn prices rose, only to fall back again in subsequent months.
However, he stated: "An improvement in house price trends is consistent with signs of stabilisation in several other economic indicators."
Those who may wish to buy a home now can contact a solicitor to ensure the legal aspects of the transaction are in order.
Sophie Breakwell, Property Partner at Solicitors William Sturges said, "it is important for sellers and buyers to instruct solicitors who will act quickly to secure the transaction.
The marketplace is changing rapidly at the moment and so both parties need to act swiftly so as to avoid the terms of the deal from being renegotiated due to a change in economic circumstances."
Nationwide's own recent data has revealed the sort of fluctuations in house price trends Mr Gahbauer referred to, with March indicating a 0.9 per cent price rise and April a 0.4 per cent drop.
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