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House prices rise for fifth month in a row

According to the Halifax, house prices have risen for the fifth consecutive month.

Author: Sam Gooch
Date: Dec 23, 2009 - 10:21:45 AM


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According to the Halifax, house prices have risen for the fifth consecutive month.

The mortgage lenders latest survey shows a 1.4% increase in November, pushing the average cost of a home in the UK to £167,664.

This puts prices up 4.2% since the start of the year, although they are still 1.6% lower than this time last year.

The Halifax - one of the UK's biggest providers of mortgages, also made predictions that house prices would be flat over the course of next year if more homes were put onto the market.

Martin Ellis, economist at the Halifax said: "The recovery in house prices since the spring has been driven by increased demand for property, largely due to the improvement in affordability for existing home-owners and first-time buyers who can raise the necessary deposit

"Somewhat higher demand has combined with a low level of properties available for sale to push up prices.

"Further ahead, the prospects for the market will depend on how the UK economy evolves and whether there is a significant increase in the supply of properties for sale," he added.

According to the figures from Halifax, house prices bottomed out in April this year reaching their lowest recorded level. They have since made an 8.5% recovery, and the data shows that this improvement in both prices and sales is continuing.

The most recent figures from HM Revenue & Customs (HMRC), show that completed house sales in October stood 13% higher than October 2008, at 90,000.

Mortgage approvals, measured by the Bank of England, have also risen throughout every month this year, with levels in October recorded to be 79% higher than a year ago.

However, Mr Ellis highlighted the fact that although these improvements are encouraging, approvals still remain 56% below their peak in 2006.



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