House prices rise 10% from market bottom

Published 04th Feb 2010

House prices have risen by 10% since the market bottom in April 2009, the Halifax House Price index said today.

The average price of a house is now £169,777 compared with £154,490 last April. The 10% increase follows a 2% decline between August 2007 and April 2009.

According to the index, the average house price rose by 0.6% in January – the seventh rise in successive months.

Martin Ellis, housing economist at Halifax, said: "January's rise, nonetheless, was more modest than in any of the previous six months.

“The marked reduction in interest rates over the past 15 months has, from a low base, boosted housing demand from those with a sufficient deposit to enter the market.

“Increased demand has combined with a low supply of properties available for sale to push up prices. There are some signs that more people are putting their homes on the market. A further increase in the supply of property is possible over the coming months, which would help to curb upward pressure on prices.

Source: ' PropertyWeek '

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