RTTNews - House prices in the U.K. rose 1.3% month-on-month in July after rising a revised 1% in the previous month, the latest report from the Nationwide Building Society showed Thursday. Economists had forecast an increase of just 0.2%. House prices increased for the third straight month in July.

Compared to the previous year, prices fell 6.2% in July, slower than a 9.3% fall in June. But, economists had forecast a decline of 7.6%.

The three-month on three-month rate of change, which is considered as a smoother indicator of the near term trend, rose to 2.6% in July from 1% in June. The current level is the highest since February 2007.

Average house price in July was GBP 158,871, up from GBP 156,442 in June.

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