Housing back up

Published:  04 August, 2010

UK: British house prices recovered by 0.6% during July, reversing a drop in the previous month, the Halifax said.

The mixed pattern of monthly rises and falls in the year to-date was consistent with a slowing market. It expects that house prices will be broadly unchanged across 2010 and said low interest rates and a recovering economy were helping to underpin demand.

The average house price is £167 425, which is 16% below the peak seen in August 2007 but 8.3% above its trough in April 2009.

Halifax said the increase in the number of properties for sale over the past few months was boosted by the recent abolition of Home Information Packs had relieved much of the pressure that was driving up prices in 2009.

Recent official data have shown mortgage lending remains weak and approvals for home purchase loans -a lead indicator of house prices - have held at low levels.

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