House prices £15,000 up on 2009

The rate of price growth is still slowing from 1.1 % in April, but the average house price is £169,162, which is a rise of £15,000 year-on-year. Martin Gahbauer, Nationwide's chief economist, said: "The strong rebound in house prices over the last year has taken place within the context of a subdued mortgage market, with the number of mortgage advances across the industry still well down on precrisis ‘norms.' A natural question which therefore arises is whether cash buyers have helped to boost the market and bid up prices?" Howard Archer, chief UK + European economist, HIS Insight, s...