From This is Money:
The report from Britain’s biggest building society recorded its fourth month in a row of rises, with prices now down just 2.7% on a year ago.
Nationwide said the average home is now worth £160,224 ? 14.4% below the October 2007 peak and the same level as early 2006.
Property prices are now almost £10,000 higher than the £150,501 average recorded in January’s report
But Nationwide warned the exceptionally low interest rate environment providing a floor for prices was not permanent and when this ended ‘it could make the recovery in the housing market bumpier that some might expect.’
Nationwide’s report did not mention the possibility of a double-dip for the property market, with prices falling again once the current momentum dies out, but the current rapid rise in prices could increase the chance of this scenario.
David Smith, senior property partner at Carter Jonas, said the figures showed now could be the ‘perfect time to sell’.
He added: ‘Property is still in…