Following Nationwide Building Society's house price survey for August, which showed the average value of property increased 1.6 per cent between July and this month, the National Association of Estate Agents (NAEA) has suggested prices have bottomed out.

The organisation said that recent rises may be a sign that property prices will continue in an upwards direction from now on.

If this is the case, private landlords and other homeowners may be able to see their investments grow in value or sell them for higher fees than they could have done earlier in the year.

Gary Smith, president of the NAEA, said that lenders have a "huge role to play"in helping the industry maintain its momentum.

"The NAEA intends to monitor the situation very closely to ensure they play it,"he explained.

Further evidence of the state of the housing market will become clear when Halifax releases its property price survey for August in early September.

Written by Mark Garner

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