It has been reported by Nationwide that house prices rose by 0.9% in June, the third rise in the past four months.
The rise marks the first positive sign since December 2007 and has shrank the annual rate of decline to 9.3%, from 11.3% in May.
The increase has pushed the average house price up to £156,442 from £154,016 in May.

Martin Gahbauer, chief economist at the Nationwide, says at £156,442, the average house price across the UK was still 9.3% lower than a year ago, but this marks the first time since July 2008 that the year-on-year fall has been in single digits.

He says: “The three month on three month rate of change - a smoother indicator of the short-term price trend - turned positive for the first time since December 2007 to stand at 0.9%, up from -0.4% in May. If the pattern of price movements seen in the first half of the year is repeated over the second half, then prices could show only a small single digit fall for 2009 as a whole.

“This would represent a stark shift from trends seen at the turn of the year, when most indicators were pointing to a repeat of the large declines seen in 2008.”

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