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Housing market upturn will fuel demand for tracker mortgages

Date: Thu, 28 Apr 2005

The property market could be showings signs of recovery that will help increase demand for tracker mortgages.

Nationwide Building Society believes that recent data shows the worst is now over for the housing sector. In April home values increased by 0.9 per cent, making up for the 0.6 per cent drop in March.

"The latest figures seem to confirm our view that housing market activity, which slowed throughout the second half of last year, has now bottomed out," said Fionnuala Earley Nationwide's group economist.

"The trend continues to confirm our view of a gentle slowing in the market," she added.

House prices have risen by an average of 0.3 per cent per month since the start of 2005, compared with two per cent a month in the same period of 2004.

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