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05/02/2010
Residential property prices continue to rise |
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The average value of residential properties in the UK has risen for a seventh consecutive month, according to the most recent Halifax House Price Index.
Figures from the bank revealed house prices rose by 0.6 per cent last month, which represents a 3.6 per cent increase when compared to the figure recorded in January 2009.
Average prices have now risen by 9.9 per cent since the market reached its nadir in April 2009, with an increasing number of people now looking to consult a property lawyer over a house purchase.
This follows the publication of figures from the Land Registry earlier this week, which showed that the cost of the average residential property in London increased by 1.5 per cent last month.
Despite this, Halifax housing economist Martin Ellis predicted that these price increases will not continue through out the year, indicating that increasingly supply from homeowners selling up may stop the upward pressure on values.
He said: "Overall, our current view is that house prices will be flat during 2010."
Written by Anna Norton |
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