Halifax: Property prices rise again

Posted: 08 Oct 2009 11:18:45 GMT

House prices in the UK rose for the third consecutive month in September, according to the latest figures from Halifax.

There was a 1.6 per cent month-on-month increase in property values recorded between August and September.

Halifax claimed that the average price of a UK residence was £163,533.

Nationwide Building Society, which uses different criteria to analyse house prices, recently suggested that the typical home in the country was worth £161,816.

Either way, both indexes show that the value of bricks and mortar is considerably higher than it was at the start of the year.

Halifax housing economist Martin Ellis said that the driving factors for house price growth in September were the increased demand for property and the low level of homes that were put up for sale.

"The marked improvement in affordability due to the reduction in both property prices and interest rates since mid-2007 has been a key factor in stimulating higher demand," he explained.


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