1 Mar

House prices return to rising in February

House prices return to rising in February

House prices across the UK property market started to grow again in February, following on from a decrease in prices during the first month of the year.

According to the latest released figures from Nationwide, the average price of a property in the UK now sits at around £162,712, which is a rise of 0.6 per cent when compared to January.

Estate agents will be further enthused by the news that there was an increase of 0.9 per cent in the price of housing in the UK when compared to the same month in 2011.

Robert Gardner, Nationwide's chief economist, said: "Evidence that house prices picked up a little in February follows a series of data releases suggesting that economic conditions may not be quite as weak as feared after the UK economy contracted in the final quarter of 2011."

A lot of the growth in prices and activity can be attributed to the fact that a rush of first-time buyers are coming into the market thanks to the need to only raise a five per cent deposit because of the government's new FirstBuy scheme.ADNFCR-1222-ID-801307657-ADNFCR

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