House prices up

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The Independent Online
THE GLOOM surrounding the housing market began to lift yesterday as evidence emerged of sustainable demand. Seasonally adjusted house prices rose by 0.6 per cent in October after falls in August and September, according to Nationwide's house-price index.

Gross mortgage lending rose in September to pounds 7.86bn from pounds 7.58m in August, said the Council of Mortgage Lenders. Merrill Lynch, the investment bank, said house prices were expected to grow ahead of inflation for several years.

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