New figures from Nationwide have found that the average UK house price is now worth more than it was a year ago – first time an annual price increase has been recorded for nearly two years.

The building society says that average house prices are now £161,816, a year-on-year increase of 2%, the first time the annual figures have risen since March 2008.

So house prices are back in the black. After all the scare stories and 'experts' predicting that house prices would freefall, normality has prevailed. And while it is true that this is just an average and some house prices might be still be in the doldrums, there will be houses out there that have increased considerably in value.

This will all depend on geography, local economy and the houses themselves of course, but your home might be one of those that has bucked the trend and has risen in value over the last few weeks, months and years. So you may have more equity in your home than you think – equity that can be reinvested in your home or put to good use tackling debt.

If you think your home might have increased in value over the last few months, talk to a mortgage adviser. They will be able to help you find an independent valuer to tell you exactly how much your house is worth. Then, if it has risen enough, they might be able to help you unlock that acquired equity. This could be in the form of a secured loan or a remortgage depending on what fits you best.

So talk to a mortgage adviser today. The frost that has kept the UK housing and mortgage market in deep freeze over the last year may be beginning to thaw – and you may now be able to get on with making your house and your money work better.

SOURCE: Nationwide, 30/10/09

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