House prices rise by 0.9%, signalling possible ‘green shoots’ in the market
Tuesday, June 30th, 2009
House prices rose by 0.9% in June, according to figures published today from the Nationwide Building Society, fuelling hopes the property market is beginning to stabilise.
This represents the third rise in the past four months, shrinking the annual rate of decline from 11.3% in May to just 9.3% in June. The average house rose to £156,442 in June, compared with £154,016 in the previous month.
The Nationwide described the figures as a “welcome surprise”.
However, while small “green shoots” of stability are beginning to emerge, the UK housing market is still very fragile. Yesterday the Bank of England announced that there had been a small rise in mortgage approvals, from 42,191 in April to 43,414 in May. Analysts had expected a figure closer to 46,000.

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