According to the latest House Price Index from Halifax, house prices in the UK rose by 0.8% in August.
August enjoyed the second consecutive monthly increase and is the fourth month this year to have reported a rise in house prices.
House prices in August 2009 are still however 10.1% lower than the same month a year ago.
The price of an average house in the UK has remained basically unchanged over the first eight months as a whole. An average house cost £160,861 in December 2008 and in August 2009 the average house was valued at £160,973.
The boost in house prices can be attributed to a combination of the number of houses being put up for sale and better mortgage deals.
Martin Ellis, Housing Economist at Halifax, commented on the results: “Demand for housing has increased since the start of the year due to better affordability and low interest rates.
“This, together with low levels of property available for sale, has boosted house prices over the last few months.”
In the report, Halifax reported that the housing market is appearing to improve but remains at half the level it was in the middle of 2007. In August, the number of mortgage approvals was 53% higher than in July 2008 but the figure is still 55% lower than the rate witnessed in July 2007.
August enjoyed the second consecutive monthly increase and is the fourth month this year to have reported a rise in house prices.
House prices in August 2009 are still however 10.1% lower than the same month a year ago.
The price of an average house in the UK has remained basically unchanged over the first eight months as a whole. An average house cost £160,861 in December 2008 and in August 2009 the average house was valued at £160,973.
The boost in house prices can be attributed to a combination of the number of houses being put up for sale and better mortgage deals.
Martin Ellis, Housing Economist at Halifax, commented on the results: “Demand for housing has increased since the start of the year due to better affordability and low interest rates.
“This, together with low levels of property available for sale, has boosted house prices over the last few months.”
In the report, Halifax reported that the housing market is appearing to improve but remains at half the level it was in the middle of 2007. In August, the number of mortgage approvals was 53% higher than in July 2008 but the figure is still 55% lower than the rate witnessed in July 2007.
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