House prices up 1.2% in the last quarter

"The housing market continues to show signs of modest improvement. Prices in the first three months of 2013 were 1.2% higher than in the preceding quarter (fourth consecutive increase). Prices were 1.1% higher than in the first three months of 2012. House sales also continued to rise, according to the latest industry-wide figures.

"Weak income growth and continuing below-trend economic growth are likely to remain significant constraints on housing demand during the remainder of this year. Overall, we expect to see a modest increase in UK house prices during 2013."

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