House prices up on last year
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Your support makes all the difference.HOUSE PRICES are 1 per cent higher than a year ago, according to Britain's largest building society, the Halifax, writes Vivien Goldsmith.
This is the first time since January 1991 that the year-on-year figures have shown a rise. The Halifax chief economist, Gary Marsh, said: 'We don't expect any further falls, but there is always a possibility. We think we will see a gentle edging upwards.'
Prices rose by 0.3 per cent during September on a seasonally adjusted basis, but by less than 0.2 per cent in absolute figures, according to the Halifax.
In contrast, Nationwide Building Society reported a fall of 1.8 per cent in house prices during September - the first monthly fall for six months.
But even after this fall, Nationwide estimates that house prices are 2.5 per cent higher than a year ago.
Brian Davis, Nationwide's operations director, said that the recovery in the housing market was 'clearly fragile' and activity remained relatively low.
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