Nationwide_JJ   sees_NNS   house_VBP   prices_NNS   rise_VBP    
_.   
_.  Prices_NNS   appear_VBP   to_TO   be_VB   picking_VBG   up_RP   
_.  House_NNP   prices_NNS   rose_VBD   in_IN   October_NNP   according_VBG   to_TO   the_DT   latest_JJS   survey_NN   from_IN   Nationwide_JJ   building_NN   society_NN  ._.   
_.  It_PRP   said_VBD   prices_NNS   increased_VBN   by_IN   1.3_CD  %_SYM   last_JJ   month_NN  ,_,   leaving_VBG   the_DT   average_JJ   house_NN   price_NN   at_IN   £_.  157,107_CD  ._.   

_.  This_DT   pushed_VBD   up_RP   the_DT   annual_JJ   house_NN   price_NN   inflation_NN   rate_NN   for_IN   the_DT   first_JJ   time_NN   this_DT   year_NN  ,_,   to_TO   3.3_CD  %_SYM   from_IN   1.8_CD  %_SYM   in_IN   September_NNP  ._.   

_.  However_RB  ,_,   the_DT   society_NN   said_VBD   prices_NNS   in_IN   the_DT   three_CD   months_NNS   to_TO   October_NNP   rose_VBD   by_IN   only_RB   0.2_CD  %_SYM   and_CC   warned_VBD   it_PRP   was_VBD   too_RB   early_RB   to_TO   say_VB   the_DT   market_NN   had_VBD   reached_VBN   a_DT   turning_JJ   point_NN  ._.   

_.  Affordability_NN   

_.  The_DT   Nationwide_NNP   pointed_VBD   to_TO   August_NNP  's_POS   cut_NN   in_IN   UK_NNP   interest_NN   rates_NNS   as_IN   one_CD   reason_NN   for_IN   the_DT   recent_JJ   boost_NN   to_TO   the_DT   market_NN  ._.   

_.  However_RB  ,_,   the_DT   society_NN  's_POS   group_NN   economist_NN   Fionnuala_NNP   Earley_NNP   said_VBD  :_:   "_''  We_PRP   think_VBP   that_IN   it_PRP   is_VBZ   far_RB   too_RB   early_JJ   to_TO   say_VB   that_IN   prices_NNS   will_MD   continue_VB   to_TO   accelerate_VB   from_IN   here_RB  ._.  "_''   

_.  One_CD   of_IN   the_DT   reasons_NNS   why_WRB   the_DT   housing_NN   market_NN   is_VBZ   unlikely_JJ   to_TO   return_VB   to_TO   the_DT   boom_NN   seen_VBN   a_DT   few_JJ   years_NNS   ago_RB   is_VBZ   that_IN   "_''  affordability_NN   remains_VBZ   stretched_VBN  ,_,  "_''   Ms_NNP   Earley_NNP   added_VBD  ._.   

_.  "_''  Affordability_NN   and_CC   overall_JJ   debt_NN   levels_NNS   will_MD   still_RB   have_VB   to_TO   adjust_VB   to_TO   more_RBR   comfortable_JJ   levels_NNS   before_IN   we_PRP   can_MD   expect_VB   any_DT   widespread_JJ   increase_NN   in_IN   demand_NN   and_CC   thus_RB   prices_VBZ  ._.  "_''   

_.  Market_NN   signals_VBZ   

_.  Despite_IN   the_DT   caution_NN   of_IN   the_DT   Nationwide_JJ  ,_,   its_PRP$   survey_NN   is_VBZ   the_DT   latest_JJS   suggestion_NN   that_IN   the_DT   property_NN   market_NN   may_MD   be_VB   picking_VBG   up_RB   again_RB   after_IN   the_DT   slowdown_NN   that_WDT   began_VBD   in_IN   the_DT   summer_NN   of_IN   2004_CD  ._.   

_.    

_.  A_DT   month_NN   ago_RB  ,_,   the_DT   Halifax_NNP   bank_NN   reported_VBD   that_IN   its_PRP$   own_JJ   monthly_JJ   survey_NN   had_VBD   shown_VBN   annual_JJ   house_NN   price_NN   inflation_NN   rising_VBG   to_TO   3_CD  %_SYM   in_IN   September_NNP  ._.   

_.  Since_RB   then_RB  ,_,   the_DT   Royal_NNP   Institution_NNP   of_IN   Chartered_NNP   Surveyors_NNP   (_(  RICS_NNP  )_)   has_VBZ   reported_VBN   a_DT   continued_JJ   upturn_NN   in_IN   interest_NN   from_IN   would-be_JJ   house_NN   buyers_NNS  ,_,   prompted_VBD   partly_RB   by_IN   August_NNP  's_POS   rate_NN   cut_VBD  ._.   

_.  And_CC   on_IN   Monday_NNP   the_DT   Bank_NNP   of_IN   England_NNP   said_VBD   the_DT   number_NN   of_IN   new_JJ   mortgages_NNS   approved_VBN  ,_,   but_CC   not_RB   yet_RB   lent_VBN  ,_,   had_VBD   risen_VBN   in_IN   September_NNP   to_TO   its_PRP$   highest_JJS   level_NN   since_IN   June_NNP   2004_CD  ._.   

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