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House prices rise again

A Nationwide report regarding UK house prices has shown a 1.3% rise in July making it three consecutive monthly rises in a row. The average house in the UK is now valued at £158,871 and is only 6.2% down on the value 12 months ago. The marked turnaround in the UK property market has surprised many and there are indeed many sceptics who cannot as yet believe the figures are some strong.

However, even the Nationwide has been surprised at the strength of the figures over the last three months and is forecasting further improvement during the latter part of 2009. Indeed we could see house prices end the year higher than when they started 2009. Despite the fact that various economic indicators have been confusing analyst, we are starting to see the formation of a trend in the UK property sector which will eventually assist the overall UK economy.

It may well take the property sector to inject some more confidence into the consumer sector which would then mushroom in due course to increase spending across the board. Once this bolder begins to move it should begin to pick up pace and eventually we should see the UK recovery fall into place.

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