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House Prices rise for fifth consecutive Month

House prices in the UK rose again in February, for the fifth successive month.

Figures from Nationwide building Society show that the average price of a house in the UK now stands at £162,638, a rise of almost £1,500 from February 2012. There has been inconsistency in the housing market over the past twelve months, but there now seems to be a trend forming with rising prices for the last five months, with the latest results showing prices creeping up by 0.2pc in February. In total prices for the last quarter have risen by 0.6pc, a clearer indicator that the market is heading in the right direction.

The improvement in the housing market, according to Nationwide’s chief economist, Robert Gardner, can be credited much to the Governments Funding for Lending scheme launched in August 2012, which brought down mortgage rates, making them more accessible for consumers.

However he also warned not to become over optimistic: “While the economic backdrop remains challenging, there are reasons for cautious optimism that activity will gather momentum in the months ahead. In particular, employment is rising at its fastest pace since the late 1990’s, which if maintained, should help support demand for homes” he said.

Earlier this week we revealed that two out of three people were looking to purchase new property within the next 12 months, after recording results from a poll on our site. Couple this with rising house prices and the outlook for the housing market looks encouraging.

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