House prices continue rise; near 2006 levels - Nationwide

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House prices climbed 0.5% last month as the average price approaches 2006 levels, Nationwide says.

According to the building society, prices have now risen by an average of 2.7% over the last 12 months. It says the average price is now at a similar level to where it was in early 2006, adding the three month on three month rate of change dropped from 3.5% in October to 2.8% last month. Martin Gahbauer, Nationwide chief economist, says the labour market has held up better than expected and has yet to have a significant impact on the housing market. "The outlook for the housing market remains crucially dependent on labour market conditions, and here recent developments have been...

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