Halifax: House prices jump 1.1%

Posted: 06 Aug 2009 12:10:03 GMT

Average property prices in July were 1.1 per cent higher than in the previous month, new figures show.

The Halifax House Price Index suggests that this marked the second time in the last three months that bricks and mortar value has increased.

Halifax also indicates that average prices in the three months to July 2008 are 0.8 per cent above the previous quarterly period.

Recent monthly increases are tempered, however, by the finding that house prices in July were 12.1 per cent lower when compared to the same period last year.

Chief economist at Halifax Martin Ellis said: "Demand for homes has risen, albeit from a very low base, since the start of the year, driven by improvements in affordability and low interest rates."

Indeed, it has been predicted that Bank of England interest rates are set to remain at 0.5 per cent for the rest of the year, while some observers forecast that it will not be changed for a number of years.


© Houseladder Ltd