Nationwide sees modest recovery in house prices

30 November 2004
Today Nationwide has revealed that house prices rose by a modest one per cent in November.

This means that prices stand 15 per cent higher than the same time last year, the building society adds that it expects prices to rise by two per cent next year.

According to Nationwide the average UK property is now worth £153,439.

"Following a three month period in which house prices have been broadly flat, the price of the typical house rose one per cent [seasonally adjusted] in November," said Alex Bannister, Nationwide's group economist.

"At the same time as price growth has become more subdued, activity levels have fallen back to their lowest level for almost five years.

"Despite November's one per cent increase in property prices the recent trend in house price growth remains muted."

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