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		</div><p><a href="http://londonglossy.com/wp-content/uploads/2010/11/nationwide-positive-on-house-prices.jpg"><img class="alignnone size-full" title="Nationwide Building Society has predicted UK house prices will avoid the hefty falls seen in 2008" src="http://londonglossy.com/wp-content/uploads/2010/11/min-nationwide-positive-on-house-prices.jpg" alt="Nationwide Building Society has predicted UK house prices will avoid the hefty falls seen in 2008"/></a></p>
<p>Nationwide Building Society has predicted UK house prices will avoid the hefty falls seen in 2008 despite buyer confidence being hit by Government spending cuts.</p>
<p>The mortgage giant said the likelihood of low interest rates until late 2011 would help limit price declines, although it said the market would remain weak amid austerity measures.</p>
<p>Its forecast comes as Nationwide posted half-year results showing a 26% rise in underlying profits to £147 million.</p>
<p>The group said its margins &#8211; which have been hammered by historic low interest rates &#8211; had now turned the corner and said this would drive &#8220;a strong upturn&#8221; in future profits.</p>
<p>The UK&#8217;s biggest building society said it expects prices to remain largely flat over the next few months, but dip &#8220;modestly&#8221; throughout 2011 as the supply of properties for sale outstrip the number of buyers in the market.</p>
<p>The group&#8217;s profits were helped by sharply lower levels of struggling borrowers, with bad debts down by 44% to £179 million in the six months to September 30.</p>
<p>Losses on commercial property loans turned sour nearly halved, down 47% to £95 million.</p>
<p>But Nationwide confirmed the trend for lower mortgage business seen among its high street banking rivals this year as it reported negative net lending &#8211; loans less redemptions &#8211; of £1.8 billion. Its share of the mortgage market fell from 9.2% in the previous six months to 8.5%.</p>
<p>A strong ISA season helped it see a marked recovery in savings deposits, which have been impacted by low interest rates since the recession struck. The mutual reported £400 million in net retail deposits against £6.1 billion outflows a year earlier.</p>
<p>Graham Beale, Nationwide chief executive, said the group had traded profitably despite &#8220;uncertain market conditions&#8221;.</p>
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