House Prices Continue To Climb.

House Prices Continue To Climb.

Both major house price indices recorded rising prices last month, clawing back most if not all of the previous 12 months losses. Halifax recorded a rise of 1.4% in November, their fifth consecutive rise. However, prices still have a long way to go to reach pre credit crunch levels, as the recent gains only account for around a third of the overall loss.  Martin Ellis, Halifax’s housing economist, said: "The recovery in house prices since the spring has been driven by increased demand for property, largely due to the improvement in affordability for existing homeowners and first-time buyers who can raise the necessary deposit. "Somewhat higher demand has combined with a low level of properties available for sale to push up prices. Further ahead, the prospects for the market will depend on how the UK economy evolves and whether there is a significant increase in the supply of properties for sale. Overall, our view is that house prices will be flat during 2010." Nationwide found that prices rose by 0.5%, the same result as October, but puts the annual change in the black at 2.7%. The average UK house is now worth £167,664 according to Halifax and £162,764 according to Nationwide, a whopping £726 more than October.

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