House prices have already started to increase this year, according to the latest figures from Nationwide.
So far this month the average house price has increased by 1.2 per cent, which is a year-on-year growth of 8.6 per cent.
The current average price of a property is £163,481, which is an increase on December’s value, which was around 5.9 per cent more than it had been the year previously.
Meanwhile, the three month on three month rate of change dipped slightly from 2.3 per cent in December to 2.1 per cent in January
Martin Gahbauer, Nationwide’s chief economist, said: “Unless there is a fall in property values in February, annual house price inflation is likely to move into double-digit territory next month for the first time since May 2007.”
Nationwide has been making some changes to its products in the mortgage market recently, as it announced it was cutting the rates on selected fixed and tracker products.
As detailed above house prices maybe on the rise but we are far from being out of the recession
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