House prices keep on rising

PROPERTY prices have accelerated this month, confounding predictions of a slump in the housing market following the Brexit vote.

Nationwide said the price of an average home grew 5.6 per cent to £206,145 in the year to August – up from 5.2 per cent in the year to April.

House prices have also grown 0.6 per cent – or £430 – this month, up from 0.5 per cent last month.

Nationwide – Britain’s biggest building society – warned that the property market continues to be ‘clouded’ by the referendum result and the uncertainty it has created for the British economy.

It pointed out that the number of properties on the market is at a 30year low, as nervous households have been reluctant to sell and prospective buyers wait to see how the market pans out.