Spring survey shows property price bounce
News Category: Industry News
Published: 03-Apr-2009
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House prices rose slightly between February and March this year, new figures have revealed.
According to Nationwide Building Society, the average price of property in the UK went up by 0.9 per cent last month to £150,946.
The organisation expressed surprise at this development, as the general trend over the last year has been one of decline.
Indeed, house prices in Britain are still 15.7 per cent lower than at this time last year.
Meanwhile, the Royal Institution of Chartered Surveyors has said that while the housing market appears to be "out of intensive care", it is nowhere near normality.
Nationwide economist Fionnuala Earley has therefore urged homebuyers and landlords to avoid expecting an immediate recovery in the market.
"It is far too soon to see this as evidence that the trough of the market has been reached," she commented.
Ms Earley added that the impact of measures such as recent interest rate cuts remains to be seen, which means it will be some time before there is a sustained upturn in house prices.
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