House prices 'make strong start to new year'
Property prices in the UK have increased at the start of the new year, putting the housing market into a strong position, new research has found.
According to Nationwide, house prices rose 1.2 per cent in January, meaning they are now 8.6 per cent up year-on-year.
This means the average price of a home in the UK now stands at £163,481.
However, such a price could still prove too expensive for many Britons, who may instead choose to look at flats to rent in Wandsworth or another part of London, rather than buying.
This may be particularly advisable, after Martin Gahbauer, Nationwide's chief economist, 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."
A spokesperson for the National Approved Letting Scheme recently claimed a changing mindset is prompting increasing numbers of Britons to consider renting their home, as this provides them with more flexibility than buying.
Written by Ben Carter
Published 29th January, 2010
© 2010 Estates IT Limited
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UK house prices have got the new year off to a strong start, it has been revealed - although this could mean some Britons find property to buy unaffordable and choose instead to rent.