Nationwide: Housing market 'moving sideways'

The housing market is 'treading water' according to the Nationwide Building Society.

It said prices had risen slightly in February, by 0.3%, to leave them 0.1% lower than they were a year ago.

The lender said the average UK house price now stands at just over 160 thousand pounds.

Robert Gardner is Chief Economist at Nationwide and he told the BBC that first time buyers are constrained by the labour market rather than tighter credit conditions.

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