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House prices rise 5.9 per cent in 2009
House prices rose by an additional 0.4 per cent in December, bringing the total year-on-year rise to 5.9 per cent.
This means that the average house price in the UK now stands at £162,103, according to a report by Nationwide.
However, the future outlook of the housing market still remains uncertain, according to the building society.
Martin Gahbauer, chief economist at Nationwide, said: "Taking everything together, there is still a significant amount of fog clouding the outlook for house prices. This year's recovery has to some extent been driven by transitory factors and there are reasons to believe that it will lose momentum over the coming year.
"At the same time, there is no obvious catalyst on the near-term horizon that would trigger significant renewed falls in prices … therefore, it seems likely that 2010 will see no significant house price movements in either direction. However, the experience of 2009 demonstrates how unpredictable the market is at the current juncture."
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This means that the average house price in the UK now stands at £162,103, according to a report by Nationwide.
However, the future outlook of the housing market still remains uncertain, according to the building society.
Martin Gahbauer, chief economist at Nationwide, said: "Taking everything together, there is still a significant amount of fog clouding the outlook for house prices. This year's recovery has to some extent been driven by transitory factors and there are reasons to believe that it will lose momentum over the coming year.
"At the same time, there is no obvious catalyst on the near-term horizon that would trigger significant renewed falls in prices … therefore, it seems likely that 2010 will see no significant house price movements in either direction. However, the experience of 2009 demonstrates how unpredictable the market is at the current juncture."
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Published: 04/01/2010
The information in this article was correct at the time of publication and contains time sensitive data and links, it may not be accurate at the time of reading.