Nationwide figures show house price increase

Nationwide's house price figures for March have indicated the possible beginnings of a market recovery.

The lender revealed that last month saw the average value increase from February's £147,746 to £150,946.

Nationwide noted that this came in the wake of recent Bank of England data showing a rise in mortgage approvals but chief economist Fionnuala Earley said it was too early to draw definitive conclusions about the property market.

"While the rise in prices in March is welcome, it is far too soon to see this as evidence that the trough of the market has been reached," she commented, adding that the same could be said of the mortgage figures.

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Optimism about property prices rose among investors in the first quarter of this year, a recent survey by Young Group revealed.

It showed an increased number expecting prices to go up in the next 12 months.

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Published on: April 2, 2009

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