31 Dec

House prices 'up 5.9% for 2009'

House prices 'up 5.9% for 2009'

UK property prices have risen by 5.9 per cent over 2009, it has been revealed.

Figures released by Nationwide show that prices rose by 0.4 per cent in December alone, continuing the recent trend of small monthly increases.

Commenting on the findings, the company's chief economist Martin Gahbauer said: "Few could have foreseen this development at the start of the year, when the near term price trend was still pointing to a repeat of the double digit annual decline experienced in 2008."

He noted that the rise in house prices over the last year has surprised most commentators.

The stabilisation of the banking system and emerging signs of economic recovery are just some of the signs that have contributed to the recent boost in consumer confidence, Mr Gahbauer added.

Speaking recently, technical manager at mortgageforce Katie Tucker said that home loans are likely to become more affordable over the coming year.


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