House prices experienced their first quarterly rise since October 2007 as an increasing demand for properties and a shortage of availability supported the market, according to the latest Halifax house price index.
Prices rose by 1.1% in July bringing the average house price to £159,623. The average house price for the three months to July is now 0.8% higher than the previous three months which is the highest rise in 22 months. However, prices are still down 12.1% compared to July 2008. Martin Ellis, housing economist at Halifax, says demand for homes has risen from a very low base since the start of the year driven by improvements in affordability and low interest rates. He says: "Higher demand has combined with the low levels of property available for sale to boost sales activity from excep...
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