2 Apr

House prices 'on the rise'

House prices 'on the rise'

Evidence has emerged that house prices may be starting to rise again.

The Nationwide house prices index for March showed that the average figure for a home in the UK was up 0.9 per cent from February, an increase from £147,746 to £150,946.

This has corresponded with a rise in the number of mortgages being approved, the lender noted.

Chief economist for Nationwide Fionnuala Earley urged caution when assessing the statistics, commenting: "While the rise in prices in March is welcome, it is far too soon to see this as evidence that the trough of the market has been reached."

The same consideration should also be applied to mortgages, she noted.

However, those keen on buying homes may now be looking for further signs of recovery in the market.

The level of optimism that property prices will rise over the next 12 months has grown among investors, the first quarter survey by the Young Group of property portfolio managers found recently.

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