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Modest rise reported by Nationwide

The Nationwide has reported a 0.5% increase in house prices for March, but has warned against hopes of a strong recovery for the property market.

The small rise, the third in the last four months, left the price of the average property as £164,751, and while the quarterly figure also showed a rise, up 0.6%, the Nationwide said the outlook continued to be uncertain and was unlikely to see a big rise in prices for the foreseeable future.

Robert Gardner, chief economist at Nationwide said demand is still relatively soft and there is little sign of an increase in the supply of properties. He said: "With the economic recovery expected to remain sluggish, the most likely outcome is that the property market will follow suit, with low transaction levels and prices moving sideways or modestly lower through 2011."

http://www.guardian.co.uk/uk/feedarticle/9573069

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