There has been more encouraging news on the property front, with recent figures from Nationwide revealing that UK house prices increased by a further 0.6% in February this year.

These figures represent an increase of 9.4% on the numbers for February 2013 and indicate that house prices are now just 3% lower than their peak in 2007. The average price of a house in February this year was £177,846, up from £176,491 in January. This is the fourteenth monthly increase in a row, according to Nationwide.

“Demand continues to be supported by record low interest rates, improved credit availability and rising consumer confidence thanks to the healthy gains in employment recorded in recent quarters” commented Nationwide’s Robert Gardner.

"Price growth is being supported by the fact that the supply of housing remains constrained, with housing completions still well below their pre-crisis levels, which was already insufficient to keep up with the pace of household formation. For example, in England around 109,500 new homes were built in 2013, this is 38% below the level recorded in 2007 and around half the projected number of households that are expected to form each year in the years ahead,” he added.

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