According to the latest figures released by Nationwide, the prices of houses have recorded their biggest ever monthly rise during the month of August.
The building society in the UK figures showed that the prices rose 1.3 per cent in August from July to reach £164,729 on average. The rise halts the decline from the previous two months and marks the biggest monthly increase since January 2010.
The figures showed that the prices are still 0.7 per cent lower than in the same month of the previous year. The housing market in the country has been volatile and the various shows that unpredictable nature of the market, which differs greatly in different regions within the UK.
The UK housing market is facing a difficult economic situation due to the slowdown in the economy as well as the ongoing sovereign debt crisis in the Eurozone. The officials of the Bank of England are now trying to review the impact of measures to boost credit in the UK.
Hometrack Ltd had earlier predicted that the price of houses in the UK have fallen 0.1 percent in August amid a fragile housing market. The London-based property-research company said that August is the second month of decline after the prices fell 0.1 percent in July.