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House price inflation hits 10.5%

The annual rate of house price inflation in the UK has reached double figures for the first time since June 2007, according to data released by the Nationwide.

The building society said that house prices in the UK have risen by 10.5% in the year to the end of April. The average price of a home is now £167,802.

However, the Nationwide predicted that the past year's surge in prices will ease of later this year.

"There has recently been evidence of a slight shift in the supply-demand balance," said Martin Gahbauer, Nationwide's chief economist.

"While the recovery in new buyer enquiries at estate agent offices appears to have petered out, the last few months have seen an increase in the level of new instructions from sellers."

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Post Date: April 29th, 2010