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UK house prices increase in January

The Nationwide report on the UK property sector has highlighted a growing trend which has seen UK house prices increase in value over the last year. A 1.2% increase in the value of property in January, compared to December 2009, brings the total annual increase to 8.6% between January 2009 and January 2010. But what does the future hold for the UK property market?

In a move which will surprise many people, the Nationwide believes that UK house prices will increase by around 10% during 2010 despite the fact that a number of analysts believe we could see a double dip recession and a further fall back in the price of UK property. This rather upbeat statement and report from the Nationwide has been welcomed by the stock market after a few days during which doom and gloom has taken over and a dark cloud has been hovering over the UK economy.

However, the level of UK base rates will play a major role in the short to medium term performance of the UK property market amid concerns we could see base rates rise to fight inflation in the short term. The bottom line is that we need to see an increase in liquidity in the UK mortgage market before we can even begin to contemplate further strengthening of the UK property market.

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