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Nationwide home survey shows first rise in over 12 months

The Nationwide housing survey has confirmed the first annual rise in UK home prices for 19 months. In the 12 months to October 2009 the price of the average home in the UK increased by 2% although the rate of increase has slowed from 1.4% in August and 0.9% in September to just 0.4% in October. While there may be a number of factors to explain the reduction in the rate of increase, the very fact that UK homes are now more expensive than they were just 12 months ago could well be a significant turning point.

It is well-known that the UK property sector is central to the UK economy and without a buoyant property sector it will be difficult for the UK economy to recover as a whole. While there are concerns about 2010, and the possibility that the UK could slip back into recession, this week's news on house prices is still very positive. The UK government will be keen to firm up the ongoing recovery in the UK property sector and use this as a springboard for a general election campaign which is sure to be very tight.

While it may be dangerous to take one particular survey in isolation, the Nationwide housing survey is one of the more respected ones in the UK.

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