House prices rose by 0.8% in August, Nationwide said today, bringing year-on-year growth to its highest level since last April. The report says this means prices have increased by 6.6% over the past year, bringing the average cost of a house to £167,721. It also predicted that the underlying market will remain firm and that it expected it to be supported by strong demand for properties. Although Nationwide anticipates a further rise before the end of the year, it said it did not expect the impact on the housing market to be as great as during the last cycle of rises. Group Economist for the lender, Fionnuala Earley, said: ?The five increases between November 2003 and August 2004 led to a rapid fall in house price inflation, from more than 20% in July 2004 to 2.3% by the time rates were reduced again in August 2005. ?While we expect base rates to reach 5% by the end of the year, above the peak of the last rising cycle, we do not expect the market to slow as sharply as before. ?There are three main reasons for this: first, current macroeconomic conditions suggest fewer increases in base rates; second, fixed mortgage rates have moved more gradually, and third, demand, particularly from the investment sector, is likely to remain fairly supportive.?
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380 acres and 90 bedrooms on the £25m private island being sold by one of Britain's top music producersStormzy, Rihanna and the Rolling Stones are just a part of the story at Osea Island, a dot on the map in the seas off Essex.
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'A delicious chance to step back in time and bask in the best of Britain': An insider's guide to The SeasonHere's how to navigate this summer's top events in style, from those who know best.
