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With house prices rising at the fastest pace in nearly seven years last month, soaring over 10% to a record £242,832, Robert Gardner, Nationwide’s chief economist, said: “The market has seen a complete turnaround over the past twelve months”. The key factor driving prices up now is shifting housing preferences, Mr Gardner explained. There is now "a race for space" with more people looking for a garden or easier access to parks. While Nationwide predicts room for growth in house prices over the next few months, a rise in unemployment when the government's job protection schemes come to an end could potentially see activity abruptly fall, it said. |