Home prices rose in August by 0.8 percent, according to the latest figures from the mortgage lender Halifax. The three month period including August saw 1.7 percent increase in house prices, which is the largest rise in that since July, 2007.
The bank’s data indicates that the average price of a UK property stood at £160,973 at the end of August, approximately the same as it was in December of last year. When looking back over the past year, the August, 2009 number is still 8 percent lower than it was in August, 2008. The average price last year was £174,241.
Martin Ellis, housing economist for Halifax, noted that there has been an increase in potential buyers in recent months. “Demand for housing has increased since the start of the year due to better affordability and low interest rates,” he sais. “This, together with low levels of property available for sale, has boosted house prices over the last few months.”
Halifax recently updated its yearly predictions, as many other institutions have done recently in light of more favorable results. The bank said it is looking at housing prices to end the year 7 percent below last year, which is less than half its original prediction of a 15 percent drop in the market. Other banks and institutions have different numbers, as they all look at slightly different data sets to determine their results.
© Housing Market News by The Little House Company
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