Private landlords and other homeowners looking to buy or sell property have seen the average price of a home in the UK increase again.

According to Nationwide Building Society's latest figures, house prices inflated 1.6 per cent in August, compared to July.

Over the course of the month, the year-on-year decline in the cost of bricks and mortar dropped from -6.2 per cent to -2.7 per cent.

Nationwide also said that low interest rates - the base rate has been at a record low of 0.5 per cent since March this year - are helping to underpin the price of property at present.

Commenting on the figures, Nationwide's chief economist Martin Gahbauer said: "The price of a typical house rose for the fourth consecutive month in August, increasing by 1.6 per cent on a seasonally adjusted basis."

He added that "the exceptionally low level of interest rates"provide some explanation as to why there have not been sharp falls in prices similar to last year.

Written by Sarah Field

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