UK house prices are now less than 10pc below their record peak

The average UK house price is now 9.5pc below the peak reached in October 2007, according to the latest monthly report from Nationwide Building Society, which showed that prices edged 0.5pc higher last month.

Despite Britain’s worst recession since the 1930s, the record low level of interest rates and a relative lack of properties for sale has fuelled a 12.2pc rebound in prices from the trough they reached in February last year. Nationwide said that the current lack of homes for sale is “still consistent with relatively stable to modestly upward trending prices.”Full article