The latest property price data serves as a reminder that even though there has been positive housing industry news lately, "it is far from clear that prices have bottomed".

At least that is the view of the Royal Institution of Chartered Surveyors (Rics), which released a statement this week on the back of the Halifax House Price Index suggesting property prices went down 0.5 per cent in June.

News of a property value reduction comes after Nationwide Building Society reported a 0.9 per cent rise in average property costs in June.

Positive indicators about the health of the market have also been published in recent weeks from groups such as the National Association of Estate Agents.

Comparing Nationwide and Halifax data, Rics said: "This is the largest gap between the two series since January 2001. The HBOS numbers do have a tendency to be a little more volatile than the Nationwide data."

Written by Claire Doyle
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