Shortage of homes keeping prices high, says Nationwide

Home repossessionsThe shortage of homes coming on to the market is helping to keep house prices high, the Nationwide has reported.

The building society said that prices increased by 0.3% in July, the second month running there has been a rise.

Nationwide said the increase appeared to be at odds with recent signs of cooling in the housing market.
Over the last year, prices are up by 2.9%, slightly lower than last month’s rate of 3.1%.

Earlier this month, the Royal Institution of Chartered Surveyors (Rics) said estate agents had fewer properties on their books than at any time over the last 40 years.

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