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October 6, 2009

Halifax reports further rise in house prices

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by Kay Mitchell

Halifax reports further rise in house prices

The latest property index from the Halifax has revealed a rise in house prices for the month of September.

According to the Halifax, house prices rose by 1.6% with the average UK property now costing £163,533.

In the meantime, prices in the three months to September rose by almost 3% compared with the previous quarter.

The Halifax, now part of Lloyds Banking Group, said increased demand as well as a shortage of properties on the market has attributed to the rise in prices.

However, Halifax housing economist Martin Ellis, cautions: “Continuing increases in unemployment and low earnings growth are likely to constrain the rise in demand.

“There are also some signs that the improvement in market conditions is encouraging more people to put their properties up for sale.

“This development could loosen market conditions by alleviating the current shortage of supply and curb the pace of house price growth,” Mr Ellis added.

According to the Halifax, on an annual basis, house prices are 7.4% lower when compared with September 2008.

In comparison, the Halifax’s report comes just a few days after the Nationwide reported that the average value of a home rose by 0.9% in September, with prices increasing for the fifth consecutive month.

According to the lender the value of the average home now stands at £161,816, or the same level as a year ago.

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