Nationwide ensured it was a Happy New Year for homeowners with research which showed that UK house prices actually increased during the past year.
Data issued by the mortgage lender revealed that the average UK house price rose by 1% over the course of 2011.
Commenting on the figures, Robert Gardner, Nationwide’s Chief Economist, said: “Against a backdrop of anaemic economic growth and a deteriorating labour market, UK house prices were surprisingly resilient in 2011.”
According to Nationwide, nine out of ten UK regions recorded house price rises in 2011, including the south west, where there was a 0.6% increase.
Adam Offer, managing director of leading south west estate agents Besley Hill, welcomed the trend.
“These figures show that the property market outperformed the stock market during the past twelve months and suggest that bricks and mortar will continue to be a sound investment in 2012,“ said Mr Offer.
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