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House prices to increase in 2009


The Nationwide Society predicted that house prices will take an upward trend from the start of 2009 and there is no information as of yet on when the current market conditions will become better.

Chief executive Graham Beale commented: "Whilst the outlook for the UK housing and mortgage markets is subdued, we remain positive about the household savings market. Until current market conditions normalise, we will continue to manage the business with the aim of funding our retail asset growth from retail savings balance growth."

Nationwide stated it had made no profit whatsoever from the credit crunch. The reason why Nationwide society have 1.5m more savings customers, largely lies as a result of the market conditions, therefore are taking their profit from a greater customer base.

Nationwide spoke further: 'The additional profits we have made in the last financial year are partly because of the increased size of the business following the Portman merger and partly because our sales have increased by more than 20per cent, particularly the sales of General Insurance products.'

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