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Video: Economist: House Prices Gain MomentumEnlarge House prices in July increased at their fastest rate in three years, according to new figures from Nationwide.The monthly index shows the price of houses in the UK rose by 0.8% last month and were 3.9% higher compared to the same period last year.
The annual rise is the strongest since August 2010 and takes average prices to £170,825.
It comes as some lenders and estate agents say they have seen improvement in the housing market, helped by Government initiatives.
Nationwide's chief economist, Robert Gardner said the latest figures provide "further evidence of an upturn in the housing market".
He explained: "Signs of a modest improvement in wider economic conditions and further modest gains in employment are likely to be lifting buyer sentiment.
"An improvement in the availability and a reduction in the cost of credit, partly as a result of policy measures such as the Funding for Lending and Help to Buy schemes, are also boosting the demand for homes."
Mortgage rates across the market have plummeted since the Government launched the Funding for Lending scheme a year ago, giving lenders access to cheap finance.
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