The fourth consecutive rise in house prices from the Nationwide, up 1.6% in August compared with July, is also the fourth in a row to show a rise of 1% or more. Just as the monthly falls were larger than normal in the downswing, so these are larger-than-normal monthly rises. The annualised rise over the past four months is more than 15% and prices are up by 6.3% from their February lows on a seasonally adjusted basis and by 8.4% unadjusted.

All the usual caveats apply about thin markets (as on the way down) and the risks from rising unemployment and weak mortgage lending. Nobody would expect prices to continue to rise at this pace. But the story of the housing market – a fall brought about by a sudden collapse in mortgage availability and a gradual return to more normal conditions – is intact. More details here.