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02/04/2009
House price survey shows rise |
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House prices in the UK have risen, according to a new survey.
Nationwide's monthly index for March indicated that the average home is now trading at £150,946, up 0.9 per cent from the February figure of £147,746.
The building society noted that this had come alongside recent Bank of England figures showing a rise in mortgage approvals.
However, the lender urged caution, with chief economist Fionnuala Earley stating: "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," adding that the same was true of the mortgage market.
Those keen to buy property may want to take legal advice on the issue before making any acquisitions.
Last week, a survey by the Young Group of property portfolio managers found that an increasing number of respondents to its first quarter survey believe that prices will rise in the next 12 months.
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