House prices show new increase

UK property values are still increasing, the latest Halifax House Price Survey has shown.

Figures for November revealed that the average home in the UK was worth £167,664, up 1.4 per cent on October.

Halifax chief economist Martin Ellis said that there has been an increase in demand for property among both existing homeowners wanting to move and first-time buyers, partly due to a rise in affordability.

He added that the state of the housing market next year will depend on the supply of homes and the extent to which the economy recovers, although Halifax is tipping a “flat” sector.

Such an outcome may help those keen to buy homes in the next year to afford to do so.

The figures were “more buoyant” than other recent surveys, which have suggested that price rises are slowing down, Royal Institution of Chartered Surveyors chief economist Simon Rubinsohn observed.

He stated this means values are likely to go on increasing in the early months of 2010.

Leave a Reply

Your email address will not be published. Required fields are marked *