January sees seventh consecutive month of house price

Latest figures released by the Halifax show that house prices rose for the seventh consecutive month in January, rising by 0.6% when in comparison with December.

The average UK home is now valued at £169,777, which is 3.6% higher than values this time last year. January’s rise has been more modest than any of the previous six months, as they saw an average rise of 1.1%.

The figures also indicate the continued rise in house prices, helped by mortgage providers easing their lending criteria since the turn of the year. Despite this increase, the Halifax still believes that prices will stay at a constant level during 2010.

The Halifax have stated that the average price of a UK home is now a staggering 9.9% more than its lowest point in April 2009.

Martin Ellis, chief housing economist at Halifax, stated: “Increased demand has combined with a low supply of properties available for sale to push up prices.” Mr Ellis also added that the state of the economy would be the main driving factor behind house prices in the foreseeable future, with the increasing amount of people putting homes up for sale curbing any significant future rises.

Source: BBC News

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