House prices climbed in consecutive months for the first time in almost a year, Nationwide figures show, but the building society said prices were now more likely to move modestly lower through the rest of 2011.
The Nationwide House Price Index rose 0.5% in March, adding to a 0.7% bounce last month and marking the third monthly increase in four months. On a three-month on three-month basis - considered a smoother measure of prices - prices are up 0.6%. However, Nationwide chief economist Robert Gardner said the latest move falls short of a signal prices are set for a sustained rebound. "The outlook remains uncertain, but all things considered, this is unlikely to mark the beginning of a strong upturn in prices," he said. "The economy entered a soft patch at the back end of 2010, and the...
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