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Property prices inch forward despite difficult conditions

Source:  http://www.guardian.co.uk/money/2011/dec/30/house-prices-nationwide

Household finances might be in the doldrums but property prices still managed to creep up by 1% in 2011, according to the latest figures from the Nationwide.

The building society said that, while prices had dropped by 0.2% in December, over the year the value of the average house has risen to £162,798.

Meanwhile separate data from the Land Registry showed house prices in England and Wales increased by 0.3% in November, but were down by 1.9% year-on-year. Its index, which is based on completed transactions, put the average price of a property at £160,780.

"The 1% rise in house prices recorded over the past 12 months could hardly be described as a strong performance, but against a backdrop of anaemic economic growth and a deteriorating labour market, UK house prices were surprisingly resilient in 2011," Robert Gardner, Nationwide's chief economist, said.