House Prices Up 6 Per Cent in Year

House Prices Up 6 Per Cent in Year.

Nationwide has released it latest property prices index figures confirming that property prices in the year to October rose by 5.8%.

Property prices in October alone rose by 1% and the trend continues.

The average house price now sits at just over £173,000 although you will get conflicting price rise figures as Halifax publishes its index results as well the Land Registry and Royal Institute of Chartered Surveyors.

Why do property indices differ?

Different banks and building societies have a greater presence in different geographical locations as does there lending policy i.e. who they will lend to and buy how much.

The same goes for the RICS and the Land Registry.  As well as mortgaged property, the Land Registry and RICS may be dealing with property with no mortgage e.g. transferring property on death, with slight under valuations or property changing hands without mortgages. 

Hence the difference in average house price movements.  The trend though is still up.