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House price growth is continuing to outperform industry expectations, new research has revealed, with annual price inflation now at its highest level since 2005.

The study from Nationwide building society has reported that price growth in June amounted to 1.1 per cent over the course of the month, up from 0.5 per cent in May.

That figure helped push year-on-year growth to 11.1 per cent - a rise of 0.8 per cent on the May figure.

"The pick up during the month brings the annual rate of house price inflation to 11.1 per cent, its highest level since January 2005 and more than twice as fast as the pace of growth at this time last year. The price of a typical house is now £184,070, more than £18,000 higher than this time last year, which is the equivalent of a rise of more than £50 per day," outlined Fionnuala Earley, chief economist at Nationwide.

The findings reflect consumer sentiment reported by Nationwide earlier this month, when the lender asserted that Britons expect prices to increase by 4.5 per cent between now and November.


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Author:  Joanne McCabe

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