Nationwide: House prices rise in February

| March 1, 2011
Nationwide: House prices rise in February

The latest house price index from the Nationwide Building Society has revealed a 0.3% rise for the month of February compared with January.

The latest rise, which was unexpected, means house prices are now 0.1% lower than this time last year with the average UK home costing £161,183.

However, despite the latest rise, the majority of economists expect house prices to fall steadily throughout 2011 – particularly in light of the uncertainty regarding the economy and the Government’s spending cuts.

Furthermore, the ongoing mortgage rationing by lenders means the housing market will remain subdued this year.

In addition, many experts believe the likelihood of interest rate hikes will put pressure on prices and activity.

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