UK house prices rise for fifth consecutive month
House prices in the UK rose for the fifth consecutive month during November. Latest figures released by Halifax show that a 1.4% increase last month took the average price of a home in the UK to £167,664.
On the back of these latest figures Halifax predicted that house prices will hold steady in 2010. Martin Ellis, housing economist at the Halifax explained: "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 homeowners 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. Overall, our view is that house prices will be flat during 2010."
Commenting on the results David Marshall, business analyst with ESPC said: “The latest figures from Halifax show that the recent trend of rising prices continued during November. A rise in demand toward the end of the year was to be expected, in part due to some buyers looking make savings by securing their purchase before the end of the Stamp Duty holiday at the turn of the year.
Commenting on the results David Marshall, business analyst with ESPC said: "The latest figures from Halifax show that the recent trend of rising prices continued during November. A rise in demand toward the end of the year was to be expected, in part due to some buyers looking make savings by securing their purchase before the end of the Stamp Duty holiday at the turn of the year.
People should not be expecting this level of growth to be maintained but, while downside risks remain, at this stage the outlook continues to be that prices will be broadly level over the course of 2010."