Nationwide: House values up 5.9 per cent in 2009

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Nationwide: House values up 5.9 per cent in 2009

The average property price this year rose by 5.9 per cent, according to the latest figures from Nationwide.

Currently standing at £162,103, the average house price is almost six per cent more than it was at this time in 2008.

While house prices are still down by 12.2 per cent on their peak in October 2007, they are up an impressive 8.9 per cent from their lowest point in February of this year.

Martin Gahbauer, Nationwide's chief economist, said: "Few could have foreseen this development at the start of the year, when the near-term price trend was still pointing to a repeat of the double digit annual decline experienced in 2008."

Earlier this month, Nationwide also commented that there are signs that the UK has started to pull out of recession, but does not expect to see a full recovery soon.

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