15 December 2009
House prices increased by 1.4% in November according to the latest Halifax House price index. This was the fifth successive monthly rise, with the average house price up by 4.2% (£6,803) in the first eleven months of the year. Commenting, Martin Ellis, Halifax’s housing economist, 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.
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. Overall, our view is that house prices will be flat during 2010."
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