7
Jan
Research shows house price rise in December
House prices increased by one per cent between November and
December last year, the latest figures from Halifax have
revealed.
According to the financial institution's monthly house price index,
this is the sixth consecutive month that property values have
risen.
The market hit an all-time low in April 2009, when the average
price of a home stood at £154,490, in the subsequent eight
months, they have recorded a 9.4 per cent increase, reaching their
current level of £169,042.
Martin Ellis, housing economist at Halifax, explained that the
substantial cut in interest rates coupled with the recent
improvement in labour markets has helped boost demand in the
sector.
However, he noted that the low level of supply has placed upward
pressure on house prices.
"The prospects for the market this year will depend on how the UK
economy evolves and whether there is a significant increase in the
supply of properties for sale," Mr Ellis said.
At the end of December, research group Hometrack predicted that
property prices in the UK will fall by one per cent during
2010.