The latest house value news from Halifax has indicated that UK property prices have risen for the fifth month in a row.
The survey, from one of the UK?s largest mortgage lenders, said that prices were up 1.4 per cent in November, to put the cost the average cost of a UK home up to ?167,664. This figure is still 1.6 per cent lower than the same time last year, but 4.2 per cent up on the beginning of 2009.
The figures, reported by the BBC, came with a Halifax prediction that house prices would probably stay flat during 2010 if more homes came on the market.
Martin Ellis, economist at Halifax, said: ?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.? He said that an increase in demand plus a lack of available properties had pushed 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.
According to the Halifax index, UK house prices were at their lowest in April this year, and have risen 8.5 per cent since then. Prior to that the housing market had seen a 23 per cent slump since it peaked in August 2007. The banking crisis popped the bubble.
HM Revenue and Customs (HMRC) figures showed that 90,000 house sales were completed in October, a rise of 13 per cent on October 2008. Bank of England figures also show that mortgage approvals were 79 per cent higher in October than the same month in 2008.
