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House Prices
Posted January 2010 by Nigel
House prices have increased over the last twelve months. According to the Halifax, the UK market has picked up, with prices standing 1.1% higher on average in December 2009 than December 2008, having risen 1% in December from November. This rally followed a decline of 23% between August 2007 and April 2009.
Figures show that prices have risen steadily by 9.4% in total – or £14,552 – from the low point of April 2009.
The Halifax said the average home was now worth £169,042.
This increase was driven, in part, by a shortage of the number of properties being put on the market. It therefore follows that if the number of properties for sale were to increase substantially, any future price increase would be held back.
Halifax housing economist Martin Ellis said, ‘The prospects for the market this year will depend on how the UK economy evolves and whether there is a significant increase in the supply of properties for sale.’
The Nationwide has predicted that prices will show little change in 2010.
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