Nationwide witnesses January house price rises

House prices rose for the ninth month in a row during January, latest figures have indicated.

In news of interest to consumers seeking cheap mortgage rates, Nationwide found that the average UK house price rose by 1.2 per cent last month.

This increases the annual rate of change to 8.6 per cent, the building society reported.

According to the statistics, the average house price now stands at £163,481.

Nationwide's chief economist Martin Gahbauer 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."

Mr Gahbauer told the BBC he was "surprised" at the increase in values given the precarious economic situation in the UK at present.

The Council of Mortgage Lenders reported last month that lending increased by 14 per cent during December 2009.

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2010-02-01 14:43:38 © Moneyextra.com