News

House prices increased in January

9 February 2012

 

House prices throughout the UK typically increased by 0.6% with the average house price hitting £160,907.

Halifax’s House Price Index (HPI) has indicated that whilst house prices in the UK increased in January, the 0.5% interest rate set by the Bank of England has steadied house prices over the past year.

Mortgage repayments for January were also affected by low interest rates, hitting the lowest levels on record for the last 14 years as a percentage of household income.

Chief Economist for Global Insight, Howard Archer, commented in The Telegraph that. "Prospects for house prices over the coming months will, to a large extent, depend on events in the Eurozone and the repercussions of developments there for the UK economy. If the UK can avoid a prolonged recession, we expect broad stability in house prices in 2012".

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