Nationwide reports that house prices increased by 0.8% in August and the annual growth rate accelerated to 6.6%, up from 5.9% in July. The average seasonally adjusted price of £167,721 is virtually unchanged from July.
Commenting on the figures Fionnuala Earley, Nationwide's Group Economist, said: "The annual rate of house price inflation picked up for the third consecutive month in August. House prices are now 6.6% higher than at this time last year. This is the fastest annual rate of growth since April 2005 and almost three times faster than at this time last year. The underlying market remains fairly firm with prices increasing by 0.8% in August. The typical house in the UK now costs £167,721. This is £10,412 higher than August 2005 - the equivalent of a rise of almost £30 per day."
