Nationwide will reveal that house prices have risen by nearly 10 per cent over the past year when it releases its latest housing market data, according to a thinktank.
IHS Global Insight said that figures from Nationwide’s monthly House Price Index, due on Thursday, are expected to show a 0.5 per cent increase in the average cost of a UK property during April.
It added that it expects property values to be "erratic" throughout 2010, although over the course of the year, prices are likely to remain flat, especially if more homes are put on the market.
Last week Gary Smith, president of the National Association of Estate Agents, said: "Spring has finally arrived and brought with it a much-needed boost to the housing market, particularly among sellers. It reflects growing confidence that the recovery is well underway."
Earlier this week, property data company Hometrack said house prices in England and Wales rose by 0.2 per cent in April, compared to the 0.3% increases seen in February and March, and by 1.8 per cent year-on-year.
It revealed that supply continues to outweigh demand, with the number of properties being put up for sale rising by 3.7 per cent, compared to a 1 per cent rise in enquires from potential homebuyers .
According to the Hometrack figures, the average cost of a home is now £158,400 – 1.8 per cent higher than this time last year and the highest level seen since December 2008.
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House Prices Up 10 Per Cent In A Year Wed, 28 Apr 2010
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