Nationwide estimating a house price rise in 2007

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Nationwide estimating a house price rise in 2007

Nationwide has estimated that during next year house prices will rise by between five and six per cent following 2006's eight per cent rise by the year end.

The prediction of eight per cent for this year represents an amendment from its August forecast that property prices in the UK would end five per cent up on last year.

Nationwide's predictions come amidst some projections that the Bank of England's two recent interest rate increases would result in a cooling down period for the housing market as mortgages become more expensive, especially those linked to the base rate.

Chief executive at Nationwide Philip Williamson said: "We are still operating in a relatively low interest rate environment. Rates might go up another 25 basis points but that might be the end of the cycle. Five per cent might be the top of the cycle."

When speaking of first direct's decision to introduce a charge of £10 per month to current account holders who did not pay £1,500 into their account a month, he added that the building society has "no plans right now to introduce any account charge".

Gross lending has reached £14.5 billion at Nationwide, a 34 per cent increase on the corresponding period last year.

Nationwide offers a range of mortgages that encompass fixed-rate, variable and tracker products and says it does not include any hidden fees or charges.

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