House price boost in December, figures show
Tuesday, 04 January 2011 12:00
Houses prices increased by 0.4 per cent in December 2010 when compared with the same period the previous year, new figures from Nationwide have shown.
The statistics also revealed the value of the average property edged forward by the same amount from November, with the cost of a residence now standing at £162,763.
However, while the rise halted two consecutive months of declines, chief economist at the organisation Martin Gahbauer said the improvement was "modest".
He remarked: "Despite December's increase, house prices have fallen in four out of the last six months and it would be premature to suggest that the recent downward trend has been broken."
Mr Martin Gahbauer did add that it also suggests the property market slump may not be as bad as originally feared.
According to the data, London is the most expensive region in which to live, a fact that was corroborated by Land Registry figures released earlier in December.
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