This article is from the source 'bbc' and was first published or seen on . It will not be checked again for changes.
You can find the current article at its original source at http://news.bbc.co.uk/go/rss/-/1/hi/business/8401022.stm
The article has changed 5 times. There is an RSS feed of changes available.
Version 0 | Version 1 |
---|---|
House prices 'up for fifth month' | House prices 'up for fifth month' |
(20 minutes later) | |
House prices have risen for the fifth month in a row, says the Halifax, one of the UK's biggest mortgage lenders. | House prices have risen for the fifth month in a row, says the Halifax, one of the UK's biggest mortgage lenders. |
Its latest survey says prices went up by 1.4% in November, pushing the cost of the average UK home to £167,664. | Its latest survey says prices went up by 1.4% in November, pushing the cost of the average UK home to £167,664. |
Although that is still 1.6% lower than a year ago, prices are now 4.2% up since the start of the year. | Although that is still 1.6% lower than a year ago, prices are now 4.2% up since the start of the year. |
The Halifax also predicted that house prices were likely to be flat over the course of 2010 if more homes were put up for sale. | The Halifax also predicted that house prices were likely to be flat over the course of 2010 if more homes were put up for sale. |
"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," said Martin Ellis, economist at the Halifax. | "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," said Martin Ellis, economist at the Halifax. |
"Somewhat higher demand has combined with a low level of properties available for sale to push up prices. | "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. | "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. |
Rising sales | |
On the Halifax's calculations, house prices reached their low point in April this year, since when they have risen by 8.5%. | On the Halifax's calculations, house prices reached their low point in April this year, since when they have risen by 8.5%. |
Up to that point prices had slumped by 23% in the months since August 2007, when the onset of the international banking crisis burst the UK's property price bubble. | Up to that point prices had slumped by 23% in the months since August 2007, when the onset of the international banking crisis burst the UK's property price bubble. |
The Halifax's figures indicate that the recovery in both prices and sales that has been experienced since the spring is continuing. | |
According to the most recent figures from HM Revenue & Customs (HMRC), completed house sales in October stood at 90,000 - 13% higher than the same month last year. | |
And mortgage approvals, as measured by the Bank of England, have risen every month this year and in October were 79% higher than a year ago. | |
However, Mr Ellis noted that despite this improvement, approvals still remain 56% below their late 2006 peak. |