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1.1% increase in the average UK house price in July

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Halifax House Price Index for July 09 seems to suggest that house prices continue their very gradual recovery, but analysts are cautious about hailing this the beginning of the end. One reputable IFA yesterday suggested we will see a ‘W’ trend and house prices will drop again before a sustainable recovery.

Commenting, Martin Ellis, Housing Economist said:

“There was a 1.1% increase in the average UK house price in July. This was the second rise in the past three months and prices in the three months to July were 0.8% higher than in the previous three months. So far this year, house prices have fallen by less than 1%.

Demand for homes has risen, albeit from a very low base, since the start of the year, driven by improvements in affordability and low interest rates. Higher demand has combined with the low levels of property available for sale to boost sales activity from exceptionally low levels and support prices over the past few months.”

Halifax is the UK’s largest mortgage lender and conducts a wide range of housing research including the long standing Halifax House Price Index.

Launched in 1984, the Halifax House Price Index is based on the lending of the UK’s largest mortgage lender and provides the longest unbroken monthly data series of any UK housing index.

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