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Halifax reports 1.4% house price rise

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by Gill Montia

UK house prices rose by 1.4% in November compared to a month earlier, according to Halifax.

The average cost of a home came in at £167,664, up 4.2% in the first 11 months of 2009.

The fifth consecutive monthly increase also eased the annual decline to 1.6%; a significant improvement on April’s low of minus 17.7%.

Furthermore, prices over the period September to November were 3.7% higher than in the previous three months, marking the biggest three monthly increase since November 2006.

The lender’s housing economist, Martin Ellis, comments: “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.”

He adds: “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.”

Mr Ellis concludes: “Overall, our view is that house prices will be flat during 2010.”

Last week, Nationwide reported that the average cost of a UK home rose 0.5% during November, to £162,764.

The seventh consecutive monthly increase followed an identical rise in October and took annual house price inflation to 2.7%.

The building society remarked that the UK labour market had held up better than expected and that house prices have now returned to levels seen in early 2006.

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News posted: December 8, 2009

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