The Nationwide has warned that it expects house prices to fall early next year. The building society said house price growth will be zero at the end of next year with “modest falls” in the early part of 2006 offset by a recovery late on. This compares with a 13% house price growth in 2004 and an expected 0% to 2% growth this year. Chief executive Philip Williamson said: “There is still a lot of uncertainty about the economy and which way interest rates will go. In the absence of any uplift in house prices, people are taking a more cautious approach.” He added: “There is a lot of media hype around SIPPs and we are not convinced it will manifest in an increased demand for property.” FT