House Price Rise ‘Reflects Positive August For Property Market’

Lawyers Reveal Rise In Completions Over Month

04.09.2012

The surprise increase in house prices in August is the latest evidence that property buyers are continuing to enjoy a relative positive 2012, according to conveyancing specialists who saw an increase in completions over the month.

Figures from Nationwide have revealed that prices rose by 1.3 per cent over the month, the biggest monthly increase seen since January 2010, to reach an average of £164,729.

While prices remain 0.7 per cent lower than 12 months ago, Irwin Mitchell’s conveyancing experts said both the Nationwide figures and Land Registry research have indicated that confidence has grown in the market in recent months.

Helen Hutchison, a conveyancing specialist at the firm’s Sheffield office, said: “When viewed alongside the Land Registry’s figures which show a rise in house prices between January and June, this new Nationwide research suggests that the market is moving slowly in the right direction.

“We have also seen our number of completions rise in August, which provides some indication that sentiment in the market generally became a little more positive over the month.

“Clearly there has not been a massive shift, but this is to be expected after the problems that have been seen in the past few years. However, any increases are a positive step in the right direction and may play a big part in encouraging more people to think about whether now is the time for them to enter the market.”