1 Feb

Nationwide predicts tentative signs of pick-up in property market

Nationwide predicts tentative signs of pick-up in property market

The latest Nationwide House Price Index has revealed that there are tentative signs of a pick-up in the property market.

Figures show that UK house prices went up by 0.5 per cent in January, with the typical home valued at £162,245.

This figure was unchanged from January last year, with activity being "muted by historic standards".

Robert Gardner, chief economist at the organisation, said that the Funding for Lending Scheme could offer more hope to the market as it has brought down mortgage rates and encouraged a pick-up in lending activity.

He added that momentum might continue in the months ahead, but a lot will depend on the wider economic environment and whether this improves.

It was recently revealed that the UK could slip in to a triple-dip recession, which would put more pressure on cash-strapped British buyers.

The UK economy shrank by 0.3 per cent in the final three months of 2012, the Office for National Statistics revealed.ADNFCR-1222-ID-801533096-ADNFCR

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