8 September 2010

Recent figures released by the Halifax have shown that house prices in the UK rose for the second consecutive month in August, driven by a strengthening economy and increased demand.

House prices increased by 0.7% in July, followed by a further 0.2% rise in August. This means that property values are now 4.4% higher than this time last year, with the average home in the UK costing £167,953.

Martin Ellis, Halifax chief economist stated: "The improved economy, strengthening labour market and low interest rates are all supporting housing demand." He did, however, claim that the pace of economic growth is unlikely to be sustained and prices will probably remain fairly steady this year.

 

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