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Property values up in January, figures show

Property values up in January, figures show
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House prices in the UK continued to rise this month, with Nationwide data indicating a double-digit annual increase could be seen in February.

According to the building society, January saw 1.2 per cent growth in values, following last month's 0.5 per gain.

It means the typical home in the UK now costs £163,481 - 8.6 per cent more than at the same time in 2008.

And chief economist Martin Gahbauer explained that recent pieces of economic news - such as the UK's emergence from the recession - have had mixed effects on the housing market.

"Although it is clearly encouraging that economic activity is no longer falling, it remains a long way below the pre-recession level and is not yet growing convincingly," he said.

Earlier this week, Halifax data indicated that the noughties saw property prices increase by 105 per cent, despite the crashes seen in the latter part of the decade.

Posted by Chris WeaverADNFCR-1681-ID-19586153-ADNFCR