Nationwide figures for June

The Nationwide has annouced its figures for the housing market, telling us all how the market performed in June 2007. Quite how it produces these figures, considering we are not at the end of the month yet, is a mystery to me. Anyone have the answer?

Anyway, putting the logistics to one side for a moment, let's look at what they are saying. I've got my hands on the Press Release, so let's take a look at some of the key points.

They reckon that "house price growth bounced back" in June, with the monthly rate of increase showing at 1.1%. This compares to a rate of increase in May of 0.5%. Prices are now increasing more than twice as fast as last year - with the rise in value of the average UK property being equivalent to around £50 per day.

The annual rate of increase now stands at 11.1% and they put the price of an average home at £184,070. They do, however, predict a slowing in the market during the second half of the year. Their prediction is that house prices will rise between 5% and 8% in 2007 as a whole.

The Nationwide also comment on the likelihood of interest rates rapidly reaching 6% and, while welcoming Gordon Brown's commitment to housing, they suggest that any new measures will need to be thought through carefully.