The average house prices in the UK rose 3.8 per cent between the second and third quarters of 2009, according to the Royal Institution of Chartered Surveyors (Rics).

Analysing the latest data from Nationwide Building Society, senior economist at the organisation Brigid O'Leary said that this was the highest quarter-on-quarter increase since August 2004.

Nationwide's research also indicated that the typical UK home has increased in price for the last five months in succession, which may mean that private landlords who bought bricks and mortar earlier this year have made profits.

"Just as house prices fell very quickly at the start of the downturn, the recent turnaround has been surprisingly strong,"the Rics representative explained.

However, she warned that rising unemployment - which is approaching 2.5 million in the UK - could have an effect on the property market in the months to come, as well as potential mortgage interest rate rises.

Written by Mark Garner

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