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House prices up again, to highest post-recession level

29/11/2013

The Nationwide has revealed that house prices in the UK have risen again, and are now at the highest rate since April 2008.

The Nationwide, the second largest mortgage lender in the country, based the results on its own figures from lending, and suggests prices have risen by 0.6pc month-on-month, meaning the total 12-month growth figure now stands at 6.5pc.

The market has picked up considerably this year after Government initiatives designed to increase lending, and this has meant competition for houses has increased, and prices have been driven up.

However, the Nationwide has stressed that despite the positive growth figures, prices are still below those of the peak before the recession. Robert Gardner, Nationwide’s chief economist, said: “Prices are still around 6pc below the all-time high recorded in late 2007.

He did make reference though to a “brighter economic outlook”, and mentioned this as a key driver to the improving market.

The rise in house prices, which has been mainly confined to the South East, has caused many to fear we could see a ‘housing bubble’, where prices are driven up to the extent that few are able to afford to buy. However, The Bank of England has moved to counter this, ending the joint programme with the Treasury, known as Funding for Lending. From 2014 the scheme will no longer cover loans for new houses, although business loans will still be covered by the scheme. It’s hoped this will slow the increase in house prices.

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