News
Unexpected rise in U.K. house prices
8 September 2010 U.K. house prices rose for a second consecutive month as a strengthening economy helped support demand, according to Lloyds Banking Group Plc's Halifax division.
A 0.2% monthly increase was recorded in August, following a 0.7% rise in July. Economists had forecast a 0.5% decline for last month, based on a number of estimates carried out by a Bloomberg News survey.
These latest shifts reversed most of the decline seen over the previous three months, to raise the value of an average house at £167,953. This is 9% above the low reached in April last year, but still 16% below the August 2007 peak.
Martin Ellis, an economist at Halifax, stated: “The improved economy, strengthening labor market and low interest rates are all supporting housing demand. We expect that UK house prices will remain static overall in 2010.” It is predicted that this economic growth will not move at a sustained pace and house prices at the end the year are expected to be around the same level they started it.
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